International equity portfolio investment and enforcement of insider trading laws: a cross-country analysis

被引：10
|
作者：
Kwabi, Frank O. [1 ]
Boateng, Agyenim [1 ]
Adegbite, Emmanuel [2 ]
机构：
[1] De Montfort Univ, Dept Accounting & Finance, Leicester LE2 7BY, Leics, England
[2] Univ Nottingham, Sch Business, Nottingham NG8 2BB, England
来源：
REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING | 2019年 / 53卷 / 02期
关键词：
Insider trading laws; Institutional quality; Stock market development; Foreign equity portfolio flows; CORPORATE GOVERNANCE; HOME BIAS; HONG-KONG; INSTITUTIONS; IMPACT; PRICE; DIVERSIFICATION; ALLOCATIONS; INVESTORS; RETURNS;
D O I：
10.1007/s11156-018-0751-4
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this study, we examine the effects of stringent insider trading laws' enforcement, institutions and stock market development on international equity portfolio allocation using data from 44 countries over the period 2001-2015. Our results suggest that stringent insider trading laws and their enforcement exert a positive and significant impact on international portfolio investment allocation. Further analysis indicates that the interaction between a country's institutional quality, stock market development and enforcement of insider trading laws have a positive and significant effect on international equity portfolio allocation. The findings of this study have implications for the design of portfolio investment trading strategies and contribute to the literature on foreign equity investment decisions.
引用
收藏
页码：327 / 349
页数：23
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