DO INTERNATIONAL PORTFOLIO INVESTORS FOLLOW FIRMS’ FOREIGN INVESTMENT DECISIONS?

We analyze the interlinkages between foreign direct investment (FDI) and foreignportfolio investment (FPI) between Germany and the major economies. First, we show thatTobin’s q helps explaining the variation of the growth rate of the stock of FDI. Second, weshow that foreign and the home stock market returns explain the variation of the growth rateof the stock of FPI....

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Year of publication:	2007-09-01
Authors:	De Santis, Roberto A. ; Ehling, Paul
Institutions:	European Central Bank

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Abstract
Non-technical summary
1 Introduction
2 Models of FDI and FPI
2.1 A model of domestic and foreigndirect investment
2.2 A model of domestic and foreignportfolio investment
2.3 Empirical implications
3 The data
4 Empirical results
5 Robustness checks
6 Conclusions
References
Appendices
Appendix : Figures and tables

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