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U.S. international equity investment and past prospective returns
Curcuru, Stephanie E.; Thomas, Charles P.; Warnock, … - Federal Reserve Board (Board of Governors of the … - 2011
Counter to extant stylized facts, using newly available data on country allocations in U.S. investors' foreign equity portfolios we find that (i) U.S. investors do not exhibit returns-chasing behavior, but, consistent with partial portfolio rebalancing, tend to sell past winners; and (ii) U.S....
Persistent link: https://www.econbiz.de/10008872025
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Decomposing the U.S. external returns differential
Curcuru, Stephanie; Dvorak, Tomas; Warnock, Francis E. - Federal Reserve Board (Board of Governors of the … - 2009
We decompose the returns differential between U.S. portfolio claims and liabilities into the composition, return, and timing effects. Our most striking and robust finding is that foreigners exhibit poor timing when reallocating between bonds and equities within their U.S. portfolios. The poor...
Persistent link: https://www.econbiz.de/10008615669
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Has international financial co-movement changed? Emerging markets in the 2007-2009 financial crisis
Ammer, John; Cai, Fang; Scotti, Chiara - Federal Reserve Board (Board of Governors of the … - 2010
international shocks that result in a general increase in investor risk perceptions. In this paper, we assess the ongoing relevance … investors to sell off EM assets in response to a rise in risk perceptions. Somewhat in contrast, while an upward trend in co … declined, consistent with a diminished level of locally-driven risk in these markets. In addition, the response of EM asset …
Persistent link: https://www.econbiz.de/10008679699
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International capital flows and the returns to safe assets in the United States, 2003-2007
Bernanke, Ben S.; Bertaut, Carol; DeMarco, Laurie Pounder; … - Federal Reserve Board (Board of Governors of the … - 2011
loans, deteriorating lending standards, deficiencies in risk management, conflicting incentives for the GSEs, and …
Persistent link: https://www.econbiz.de/10008852837
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Politics, economics and investment: explaining plant and equipment spending by U.S. direct investors in Argentina, Brazil, and Mexico
Stevens, Guy V.G. - Federal Reserve Board (Board of Governors of the … - 1994
Few economists or laymen would deny that political events can have an important, sometimes even overwhelming, impact on economic decisions in general, and investment decisions in particular. The first goal of this paper was to integrate a number of political and non-traditional economic...
Persistent link: https://www.econbiz.de/10005368143
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Corporate governance and the shareholder base
Lins, Karl V.; Warnock, Francis E. - Federal Reserve Board (Board of Governors of the … - 2004
enough to fully compensate them for expected expropriation or increased estimation risk associated with expected poor …
Persistent link: https://www.econbiz.de/10005368318
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Firm size and the impact of profit-margin uncertainty on investment: do financing constraints play a role?
Ghosal, Vivek; Loungani, Prakash - Federal Reserve Board (Board of Governors of the … - 1996
We study the response of investment to changes in uncertainty about future profits. We find that in industries dominated by small firms, an increase in uncertainty about future profits depresses investment; in all other industries, increased uncertainty has virtually no effect (or has a positive...
Persistent link: https://www.econbiz.de/10005368322
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U.S. investors' emerging market equity portfolios: a security-level analysis
Edison, Hali J.; Warnock, Francis E. - Federal Reserve Board (Board of Governors of the … - 2003
home bias and that the benefits of international risk sharing are limited to select firms. …
Persistent link: https://www.econbiz.de/10005368338
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Why do U.S. cross-listings matter?
Ammer, John; Holland, Sara B.; Smith, David C.; … - Federal Reserve Board (Board of Governors of the … - 2008
This paper investigates the underlying determinants of home bias using a comprehensive sample of U.S. investor holdings of foreign stocks. We document that U.S. cross-listings are economically important, as U.S. ownership in a foreign firm roughly doubles upon cross-listing in the United States....
Persistent link: https://www.econbiz.de/10005368393
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Assessing the potential for further foreign demand for U.S. assets: Has financing U.S. current account deficits made foreign investors overweight in U.S. securities?
Bertaut, Carol C. - Federal Reserve Board (Board of Governors of the … - 2008
Since 2001, foreign investors have acquired roughly $5 trillion in U.S. securities--more than doubling their holdings of U.S. equities and bonds--as both official and private inflows have financed record U.S. current account deficits. Although the rapid growth of foreign holdings of U.S....
Persistent link: https://www.econbiz.de/10005368400