## Transparency and International Investor Behavior

_IMF Working Papers, October 1, 2002_

## Source details

**Canonical URL:** [Transparency and International Investor Behavior](https://www.imf.org/en/publications/wp/issues/2016/12/30/transparency-and-international-investor-behavior-16006)

## Other formats

- [Markdown version](/en/publications/wp/issues/2016/12/30/transparency-and-international-investor-behavior-16006/index.md)
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## Bibliographic details
- Authors: Shang-Jin Wei
- Published: October 1, 2002
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451858709.001

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### Summary
- Research question: Does country "transparency" affect international portfolio investment?
- Data and approach: Unique micro dataset on international portfolio holdings; various indices of government and corporate transparency focusing on the availability and quality of information.
- Time and publication: By Shang-Jin Wei, October 1, 2002; Working Paper No. 2002/174; 39 pages.

### Key findings
- Emerging market equity funds hold fewer assets in less transparent countries.
- Herding among funds is somewhat less prevalent in more transparent countries.
- During the Asian and Russian crises, emerging market funds withdrew more strongly from less transparent countries after controlling for other risk factors.
- Funds tend to react less strongly to news from more opaque markets.

### Subject areas and keywords
- Subjects: Accounting standards; Asset allocation; Asset and liability management; Emerging and frontier financial markets; Financial markets; Market capitalization; Public financial management (PFM); Stock markets.
- Keywords: Accounting standards; aggregate equity fund; Asset allocation; composite index; contagion; cost of capital; country asset allocation; Emerging and frontier financial markets; emerging market equity funds; emerging markets; financial crises; fund manager; Global; international financial architecture; international investors; investment behavior; Market capitalization; MSCI indices; portfolio investment; Stock markets; transparency; WP.

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## Content in this bundle

- **Transparency and International Investor Behavior - WP/02/174**
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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/transparency-and-international-investor-behavior-16006_