عنوان
پدید آورنده
موضوع
رده
کتابخانه
محل استقرار
NATIONAL BIBLIOGRAPHY NUMBER
Country Code
IR
Number
322T
LANGUAGE OF THE ITEM
.Language of Text, Soundtrack etc
انگلیسی
COUNTRY OF PUBLICATION OR PRODUCTlON
Country of publication
IR
TITLE AND STATEMENT OF RESPONSIBILITY
Title Proper
Globalization, home bias and asset prices
General Material Designation
[Thesis]
.PUBLICATION, DISTRIBUTION, ETC
Name of Publisher, Distributor, etc.
Columbia University: United States -- New York
Date of Publication, Distribution, etc.
: 2009
PHYSICAL DESCRIPTION
Specific Material Designation and Extent of Item
228 pages
DISSERTATION (THESIS) NOTE
Dissertation or thesis details and type of degree
Ph.D.
Body granting the degree
, Columbia University: United States -- New York
SUMMARY OR ABSTRACT
Text of Note
This dissertation contains three chapters.The first chapter examines a large number of potential home bias determinants, including some novel ones, using extensive panel data. I distinguish between the actual home bias (overinvestment in domestic securities) and foreign investment bias, for which I propose a new measure. For foreign investment bias, I also demonstrate how "size biases" significantly affect the results. I find that the old empirical results based on the U S data alone do not generalize to the panel data set; information and familiarity variables and proxies for the degree of capital market openness play an important role in explaining both home and foreign investment biases.The second chapter, coauthored with Geert Bekaert, investigates whether the globalization process of the last thirty years has lead to "convergence" of asset prices in a wide set of countries, encompassing both developed and emerging markets. We examine several measures of convergence for interest rates (real and nominal) and bond and equity returns, and important fundamentals as inflation and earnings growth rates. While doing so, we extensively review the extant literature. Our results do not indicate strong effects of globalization on the convergence of asset prices, even though we document some links. In particular, financial openness matters relatively more than measures of corporate governance and political risk.The third chapter investigates the effects of foreign investment and home bias on equity valuation at the country level using a panel data set I find that once country fixed effects are taken into account, home and foreign investment biases are not value relevant. However, stock market openness in itself is the most important factor for equity valuation at the aggregate level among all explanatory variables studied in this paper.
TOPICAL NAME USED AS SUBJECT
Finance
UNCONTROLLED SUBJECT TERMS
Subject Term
Home bias
Subject Term
International asset allocation
Subject Term
Asset pricing
Subject Term
Globalization
Subject Term
Foreign position
PERSONAL NAME - PRIMARY RESPONSIBILITY
Wang, Xiaozheng
ORIGINATING SOURCE
Country
ایران
ELECTRONIC LOCATION AND ACCESS
Date and Hour of Consultation and Access
TL102.pdf
old catalog
TL
254359
1
a
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