Does country transparency affect international portfolio investment? We examine this question by constructing new measures of transparency and by making use of a unique microdata set on portfolio holdings of emerging market funds around the world. We distinguish between government and corporate transparency. There is clear evidence that funds systematically invest less in less transparent countries. Moreover, funds have a greater propensity to exit nontransparent countries during crises.
Gelos, R. Gaston, and Shang-Jin Wei. "Transparency and International Portfolio Holdings." The Journal of Finance 60, no. 6 (December 2004): 2987-3020.
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