Political ideology and international capital allocation
研究发现美国机构投资者的政治意识形态与外国政府的一致性会影响跨境资本配置，基于银团贷款和股票共同基金数据，表明意识形态距离是国际资本流动的重要决定因素。
Does investors’ political ideology shape international capital allocation? We provide evidence from two settings—syndicated corporate loans and equity mutual funds—to show ideological alignment with foreign governments affects the cross-border capital allocation by U.S. institutional investors. Ideological alignment on both economic and social issues plays a role. Our empirical strategy ensures direct economic effects of foreign elections or government ties between countries are not driving the result. Ideological distance between countries also explains variation in bilateral investment. Combined, our findings imply ideological alignment is an important, omitted factor in models of international capital allocation.