Does Geography Still Matter? Evidence on the Portfolio Turnover of Large Equity Investors and Varieties of Capitalism
研究了大型股权投资者的投资组合周转率与地理因素及资本主义模式的关系，发现美国市场导向型投资者交易最频繁，其他资本主义模式下的投资者与美国的距离影响其行为。
abstract This article investigates the geography of finance through a study of the behavior of large equity investors who are key actors in capitalism. The main argument is based on their expectations in “finance‐driven” capitalism: large equity investors require high returns on invested capital in a shorter time and are said to be impatient. The article focuses on their portfolio turnover in relation to geographic factors and their attachment to a specific model of capitalism. The U.S. “market‐based” model is presented as a benchmark, since U.S. investors trade securities most frequently relative to other international equity investors. Our empirical findings on the proximity of investors in various models of capitalism with U.S. “impatient” investors contribute to a growing literature on the economic importance of geography in understanding global finance.