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