Portfolio Preferences of Foreign Institutional Investors |
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Page 12
... ADR listings as reported by the Bank of New York website. The ADR dummy is equal to one if the firm has an ADR, and zero otherwise. In some specifications we distinguish between ADRs listed on NYSE, AMEX and NASDAQ versus unlisted ADRs ...
... ADR listings as reported by the Bank of New York website. The ADR dummy is equal to one if the firm has an ADR, and zero otherwise. In some specifications we distinguish between ADRs listed on NYSE, AMEX and NASDAQ versus unlisted ADRs ...
Page 17
... ADR dummy ( ADR ) , which indicates greater disclosure and governance requirements , and ACQUALITY , which is our index of accounting quality . After examining the characteristics of firms included in the funds ' portfolio relative to ...
... ADR dummy ( ADR ) , which indicates greater disclosure and governance requirements , and ACQUALITY , which is our index of accounting quality . After examining the characteristics of firms included in the funds ' portfolio relative to ...
Page 25
... ADR dummy has a positive and significant correlation with firm size, number of analysts, and accounting quality. Therefore, in our multivariate framework we are careful not to include all of these attributes as explanatory variables in ...
... ADR dummy has a positive and significant correlation with firm size, number of analysts, and accounting quality. Therefore, in our multivariate framework we are careful not to include all of these attributes as explanatory variables in ...
Page 26
... ADR dummy are significant and positively associated with U.S. mutual fund investments. Second, an ADR listing is significant, whether or not the firm lists in the U.S. on an exchange (ADRLIST) or trades over-the-counter (ADRUNLIST) ...
... ADR dummy are significant and positively associated with U.S. mutual fund investments. Second, an ADR listing is significant, whether or not the firm lists in the U.S. on an exchange (ADRLIST) or trades over-the-counter (ADRUNLIST) ...
Page 43
... ADR dummy (ADR), total debt/total capital (TDTCAP), return on equity (ROE), return on assets (ROA), total stock return in past 12-months (TRETURN), dividend yield (DYIELD) and the ratio of market price to book value (PB). Firm financial ...
... ADR dummy (ADR), total debt/total capital (TDTCAP), return on equity (ROE), return on assets (ROA), total stock return in past 12-months (TRETURN), dividend yield (DYIELD) and the ratio of market price to book value (PB). Firm financial ...
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Common terms and phrases
accounting disclosures ADR dummy ADR Firms ADR listing analysis analyst following Asian Asian funds capita LGDPPC capitalization to GDP characteristics and policies corporate governance correlation country attributes country characteristics country-level country-level policies database Datastream dependent variable Diversified Emerging dividend yield dividend yield DYIELD emerging market firms examine exchange rate regime Financial Economics firm characteristics firm-level firm-level policies firm’s float floating exchange rate foreign investment Fund Allocation Fund Holdings fund investment allocations fund managers fund portfolio holdings fund type GDP per capita IMF-IFS Industry Dummies institutional investment investor protection Journal of Financial Latin American funds Listed ADR log of GDP macroeconomic market capitalization measured median MKTRETURN MSCI benchmark MSCI Index mutual fund investment number of analysts percentage Porta price to book rate regime EXRATE Reinhart and Rogoff Relative Spread reported sample shareholder rights SHRIGHTS SHRIGHTS Taiwan total stock return U.S. dollars U.S. funds U.S. mutual fund WTAX zero otherwise