TY  - JOUR
AU  - Gelos,R. Gaston
AU  - Wei,Shang-Jin
TI  - Transparency and International Investor Behavior
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9260
PY  - 2002
Y2  - October 2002
UR  - http://www.nber.org/papers/w9260
L1  - http://www.nber.org/papers/w9260.pdf
N1  - Author contact info:
Shang-Jin Wei
Graduate School of Business
Columbia University
Uris Hall, Room 619
3022 Broadway
New York, NY 10027-6902
Tel: 212/854-9139
E-Mail: shangjin.wei@columbia.edu
AB  - Does country transparency affect international portfolio investment? We examine this and related questions using some new measures of transparency and a unique micro dataset on international portfolio holdings. We distinguish between government and corporate transparency. There is clear evidence that international funds invest systematically less in less transparent countries. On the other hand, herding among funds tends to be more prevalent in less transparent countries. There is also some evidence that during crises, funds flee non-transparent countries by a greater amount.
ER  -