Front Matter Page
Research Department
Authorized for distribution by Jonathan D. Ostry
Contents
I. Introduction
II. The Security-Level Holdings Data
III. Firm Characteristics and U.S. Ownership
A. Firm Characteristics
B. Holdings by Firm Characteristic
IV. U.S. Positions in Emerging Equity Markets—Regression Results
A. What Types of Firms Attract U.S. Investors?
B. Are U.S. Investors Attracted to Different Types of Firms Across Regions?
C. Have U.S. Investors’ Portfolios Changed Over Time?
V. Where There is No Home Bias: Further on the Cross-Listing Effect
VI. Conclusions
References
Figures
1. Equity Prices in Latin America and Emerging Asia, 1990–2000
2. Restrictions on Foreign Ownership of Equities, 1990–2000
3. Cross-Border Listings and U.S. Positions, 1997
Tables
1. Stock Market Development and U.S. Holdings
2. Variable Definitions and Sources
3. U.S. Positions in Emerging Markets by Firm Characteristics, 1997
4. Holdings 1997
5. Holdings 1994 with Country Dummies
6. Change in Ownership from 1994 to 1997