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文件名:  207604.rar
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  • International Portfolio Investment.pdf
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<p>International Portfolio Investment:<br/>Theory, Evidence, and Institutional Framework</p><p></p><p>Contents </p><p></p><p></p><p></p><p></p><p>1 Introduction and Overview....................................................................................................1 </p><p></p><p></p><p></p><p></p><p>2 The International Dimensions of Portfolio Investment .......................................................5 </p><p></p><p></p><p></p><p></p><p>2.1 Principles of International Portfolio Investment.............................................................5 </p><p></p><p></p><p></p><p></p><p>2.2 International Portfolio Investment and U.S. Securities Markets ..................................10 </p><p></p><p></p><p></p><p></p><p>3 The Benefits from International Portfolio Investment ......................................................12 </p><p></p><p></p><p></p><p></p><p>3.1 Participation in Growth of Foreign Markets...............................................................13 </p><p></p><p></p><p></p><p></p><p>3.2 Hedging of Consumption Basket...............................................................................16 </p><p></p><p></p><p></p><p></p><p>3.3 International Portfolio Diversification.........................................................................21 </p><p></p><p></p><p></p><p></p><p>3.3.1 Benefits from International Portfolio Diversification.................................21 </p><p></p><p></p><p></p><p></p><p>3.3.2 Empirical Evidence of International Portfolio Diversification.....................23 </p><p></p><p></p><p></p><p></p><p>3.4 Market Segmentation...............................................................................................31 </p><p></p><p></p><p></p><p></p><p>3.4.1 Benefits from Market Segmentation........................................................31 </p><p></p><p></p><p></p><p></p><p>3.4.2 Empirical Evidence of Market Segmentation...........................................33 </p><p></p><p></p><p></p><p></p><p>4 Unique Risks of and Institutional Constraints for International Portfolio Investment ....37 </p><p></p><p></p><p></p><p></p><p>4.1 Unique Risks of International Portfolio Investment .....................................................37 </p><p></p><p></p><p></p><p></p><p>4.1.1 Currency Risk .......................................................................................37 </p><p></p><p></p><p></p><p></p><p>4.1.2 Country Risk.........................................................................................41 </p><p></p><p></p><p></p><p></p><p>4.2 Institutional Constraints for International Portfolio Investment.....................................43 </p><p></p><p></p><p></p><p></p><p>4.2.1 Taxation................................................................................................44 </p><p></p><p></p><p></p><p></p><p>4.2.2 Foreign Exchange Controls ....................................................................47 </p><p></p><p></p><p></p><p></p><p>4.2.3 Capital Market Regulations....................................................................49 </p><p></p><p></p><p></p><p></p><p>4.2.4 Transaction Costs..................................................................................50 </p><p></p><p></p><p></p><p></p><p>4.2.5 Familiarity with Foreign Markets............................................................52 </p><p></p><p></p><p></p><p></p><p>5 Channels for International Portfolio Investment ...............................................................53 </p><p></p><p></p><p></p><p></p><p>5.1 Direct Foreign Portfolio Investment...........................................................................54 </p><p></p><p></p><p></p><p></p><p>5.1.1 Purchase of Foreign Securities in Foreign Markets..................................54<br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p><p></p><p></p><p></p><p></p><p>5.1.2 Purchase of Foreign Securities in the Domestic Market...........................56 </p><p></p><p></p><p></p><p></p><p>5.2 Indirect Foreign Portfolio Investment.........................................................................60 </p><p></p><p></p><p></p><p></p><p>5.2.1 Equity-linked Eurobonds........................................................................60 </p><p></p><p></p><p></p><p></p><p>5.2.2 Purchase of Shares of Multinational Companies......................................61 </p><p></p><p></p><p></p><p></p><p>5.2.3 International Mutual Funds.....................................................................70 </p><p></p><p></p><p></p><p></p><p>6 Summary and Conclusion....................................................................................................73 </p><p></p><p></p><p></p><p></p><p>References...............................................................................................................................75 </p><p></p><p></p><p></p><p></p><p>Notes on Contributors/Acknowledgements...........................................................................118<br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><br/>

[此贴子已经被angelboy于2008-4-24 14:00:03编辑过]



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