TY  - JOUR
AU  - Griffin,John M.
AU  - Nardari,Federico
AU  - Stulz,Rene M.
TI  - Daily Cross-Border Equity Flows: Pushed or Pulled?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9000
PY  - 2002
Y2  - June 2002
UR  - http://www.nber.org/papers/w9000
L1  - http://www.nber.org/papers/w9000.pdf
N1  - Author contact info:
John Griffin
University of Texas at Austin
Tel: 203/436-0785
E-Mail: john.griffin@mail.utexas.edu

Rene M. Stulz
The Ohio State University
Fisher College of Business
806A Fisher Hall
Columbus, OH 43210-1144
Tel: 614/292-1970
Fax: 614/292-2359
E-Mail: stulz_1@cob.osu.edu
M2  - featured in NBER digest on 2003-03-01
AB  - In a model that is consistent with the existence of a home bias and with foreign investors that are less informed than domestic investors, we show that unexpectedly high worldwide returns lead to net equity inflows into small countries. In addition, a small country experiences net equity inflows when its stocks earn unexpectedly high returns. We investigate these predictions using daily data on net equity flows for nine emerging market countries and find that equity flows are positively related to host country stock returns as well as market performance abroad. Both our theoretical model and our empirical analysis show that global stock return performance is an important factor in understanding equity flows.
ER  -