Transparency and International Portfolio Holdings
构建新的透明度指标，利用新兴市场基金投资组合的微观数据，发现基金系统性减少对不透明国家的投资，且在危机时更易撤出。
ABSTRACT Does country transparency affect international portfolio investment? We examine this question by constructing new measures of transparency and by making use of a unique microdata set on portfolio holdings of emerging market funds around the world. We distinguish between government and corporate transparency. There is clear evidence that funds systematically invest less in less transparent countries. Moreover, funds have a greater propensity to exit nontransparent countries during crises.