Do Indirect Investment Barriers Contribute to Capital Market Segmentation?
利用新兴市场封闭式基金样本，发现间接投资壁垒显著影响跨国资产定价差异，即使没有严格资本流入限制，也会导致市场分割，为新兴市场封闭式基金的溢价和折价提供了理性解释。
Abstract Using a sample of emerging market closed-end funds, I find evidence that indirect investment barriers exert powerful effects on asset pricing differences across countries. I show that not only do indirect investment barriers contribute to international capital market segmentation, but also they can lead to segmentation even in the absence of strong capital inflow restrictions. This result is consistent with Bekaert and Harvey's (1995) conclusion that “other markets appear segmented even though foreigners have relatively free access to their capital markets” (p. 403). The empirical results of this paper provide a rational market segmentation explanation of both premiums and discounts in emerging market closed-end funds, and they are consistent with the deterrent effect of indirect barriers on equity flows to emerging markets found in the capital flow literature.