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The determinants of international equity investment : do they differ between institutional and noninstitutional investors?
| Resumo: | In this paper we investigate whether the determinants of international equity investment differ between investors with different degrees of sophistication. For this purpose, we analyse and compare the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries (US not included) in the period 2001-2009. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. In particular, noninstitutional investors tend to exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors. The preference for more developed equity markets and the contrarian behaviour are also significantly more pronounced for noninstitutional than for institutional investors. These results support the argument that international equity investment of less sophisticated investors is more affected by information costs and familiarity than that of more sophisticated investors. Moreover, business cycles exert an influence on international equity investment decisions of both institutional and noninstitutional investors. |
|---|---|
| Autores principais: | Roque, Vanda |
| Outros Autores: | Cortez, Maria do Céu |
| Assunto: | International Equity Investment Determinants of Investment; Institutional Investors Noninstitutional investors Business Cycles |
| Ano: | 2014 |
| País: | Portugal |
| Tipo de documento: | artigo |
| Tipo de acesso: | acesso restrito |
| Instituição associada: | Universidade do Minho |
| Idioma: | inglês |
| Origem: | RepositóriUM - Universidade do Minho |
| _version_ | 1866876933744099328 |
|---|---|
| author | Roque, Vanda |
| author2 | Cortez, Maria do Céu |
| author2_role | author |
| author_facet | Roque, Vanda Cortez, Maria do Céu |
| author_role | author |
| contributor_name_str_mv | Universidade do Minho |
| country_str | PT |
| creators_json_txt | [{\"Person.name\":\"Roque, Vanda\"},{\"Person.name\":\"Cortez, Maria do Céu\"}] |
| datacite.contributors.contributor.contributorName.fl_str_mv | Universidade do Minho |
| datacite.creators.creator.creatorName.fl_str_mv | Roque, Vanda Cortez, Maria do Céu |
| datacite.date.Accepted.fl_str_mv | 2014-01-01T00:00:00Z |
| datacite.date.available.fl_str_mv | 2014-12-12T16:32:34Z |
| datacite.date.embargoed.fl_str_mv | 2014-12-12T16:32:34Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_16ec |
| datacite.subjects.subject.fl_str_mv | International Equity Investment Determinants of Investment; Institutional Investors Noninstitutional investors Business Cycles |
| datacite.titles.title.fl_str_mv | The determinants of international equity investment : do they differ between institutional and noninstitutional investors? |
| dc.contributor.none.fl_str_mv | Universidade do Minho |
| dc.creator.none.fl_str_mv | Roque, Vanda Cortez, Maria do Céu |
| dc.date.Accepted.fl_str_mv | 2014-01-01T00:00:00Z |
| dc.date.available.fl_str_mv | 2014-12-12T16:32:34Z |
| dc.date.embargoed.fl_str_mv | 2014-12-12T16:32:34Z |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | https://hdl.handle.net/1822/31892 |
| dc.language.none.fl_str_mv | eng |
| dc.publisher.none.fl_str_mv | Elsevier |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_16ec |
| dc.subject.none.fl_str_mv | International Equity Investment Determinants of Investment; Institutional Investors Noninstitutional investors Business Cycles |
| dc.title.fl_str_mv | The determinants of international equity investment : do they differ between institutional and noninstitutional investors? |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_6501 |
| description | In this paper we investigate whether the determinants of international equity investment differ between investors with different degrees of sophistication. For this purpose, we analyse and compare the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries (US not included) in the period 2001-2009. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. In particular, noninstitutional investors tend to exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors. The preference for more developed equity markets and the contrarian behaviour are also significantly more pronounced for noninstitutional than for institutional investors. These results support the argument that international equity investment of less sophisticated investors is more affected by information costs and familiarity than that of more sophisticated investors. Moreover, business cycles exert an influence on international equity investment decisions of both institutional and noninstitutional investors. |
| dirty | 0 |
| eu_rights_str_mv | restrictedAccess |
| format | article |
| fulltext.url.fl_str_mv | https://prod-dspace.uminho.pt/bitstreams/c08f7155-ad91-4726-a3d3-62b44c32707b/download |
| id | rum_dcd0eec1328f9e9ce2d7a8f13fc4e31b |
| identifier.url.fl_str_mv | https://hdl.handle.net/1822/31892 |
| instacron_str | repositorium |
| institution | Universidade do Minho |
| instname_str | Universidade do Minho |
| language | eng |
| network_acronym_str | rum |
| network_name_str | RepositóriUM - Universidade do Minho |
| oai_identifier_str | oai:repositorium.uminho.pt:1822/31892 |
| organization_str_mv | urn:organizationAcronym:repositorium |
| person_str_mv | Roque, Vanda Cortez, Maria do Céu |
| publishDate | 2014 |
| publisher.none.fl_str_mv | Elsevier |
| reponame_str | RepositóriUM - Universidade do Minho |
| repository_id_str | urn:repositoryAcronym:rum |
| service_str_mv | urn:repositoryAcronym:rum |
| spelling | engElsevierporIn this paper we investigate whether the determinants of international equity investment differ between investors with different degrees of sophistication. For this purpose, we analyse and compare the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries (US not included) in the period 2001-2009. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. In particular, noninstitutional investors tend to exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors. The preference for more developed equity markets and the contrarian behaviour are also significantly more pronounced for noninstitutional than for institutional investors. These results support the argument that international equity investment of less sophisticated investors is more affected by information costs and familiarity than that of more sophisticated investors. Moreover, business cycles exert an influence on international equity investment decisions of both institutional and noninstitutional investors.application/pdfporThe determinants of international equity investment : do they differ between institutional and noninstitutional investors?Roque, VandaCortez, Maria do CéuHostingInstitutionOrganizationalUniversidade do Minhoe-mailmailto:repositorium@usdb.uminho.ptrepositorium@usdb.uminho.ptISSNIsPartOf0378-4266DOIIsPartOf10.1016/j.jbankfin.2014.06.0152014-12-12T16:32:34Z20142014-01-01T00:00:00ZHandlehttps://hdl.handle.net/1822/31892http://purl.org/coar/access_right/c_16ecrestricted accessInternational Equity InvestmentDeterminants of Investment;Institutional InvestorsNoninstitutional investorsBusiness Cycles527782 bytesliteraturehttp://purl.org/coar/resource_type/c_6501journal articlehttp://purl.org/coar/access_right/c_16ecapplication/pdffulltexthttps://prod-dspace.uminho.pt/bitstreams/c08f7155-ad91-4726-a3d3-62b44c32707b/download |
| spellingShingle | The determinants of international equity investment : do they differ between institutional and noninstitutional investors? Roque, Vanda International Equity Investment Determinants of Investment; Institutional Investors Noninstitutional investors Business Cycles |
| status | SINGLETON |
| subject.fl_str_mv | International Equity Investment Determinants of Investment; Institutional Investors Noninstitutional investors Business Cycles |
| title | The determinants of international equity investment : do they differ between institutional and noninstitutional investors? |
| title_full | The determinants of international equity investment : do they differ between institutional and noninstitutional investors? |
| title_fullStr | The determinants of international equity investment : do they differ between institutional and noninstitutional investors? |
| title_full_unstemmed | The determinants of international equity investment : do they differ between institutional and noninstitutional investors? |
| title_short | The determinants of international equity investment : do they differ between institutional and noninstitutional investors? |
| title_sort | The determinants of international equity investment : do they differ between institutional and noninstitutional investors? |
| topic | International Equity Investment Determinants of Investment; Institutional Investors Noninstitutional investors Business Cycles |
| topic_facet | International Equity Investment Determinants of Investment; Institutional Investors Noninstitutional investors Business Cycles |
| url | https://hdl.handle.net/1822/31892 |
| visible | 1 |