دانلود مقاله ISI انگلیسی شماره 101224
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
101224 2018 44 صفحه PDF سفارش دهید 11775 کلمه
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عنوان انگلیسی
Foreign ownership and stock market liquidity
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Review of Economics & Finance, Volume 54, March 2018, Pages 311-325

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چکیده انگلیسی

In this study we analyze how the price impact of trades and the bid-ask spread are related to foreign stock ownership using data from 20 emerging markets. We show that while the price impact of trades increases with the percentage of shares held by foreign investors, the bid-ask spread decreases with foreign ownership. We interpret these results as evidence that although foreign investors increase adverse selection risks for liquidity providers, they bring net benefit to the market in terms of lower trading costs by increasing competition in the price discovery process. The general increase in foreign ownership in emerging markets after the global financial crisis resulted in higher price impacts and lower spreads. The two-stage least squares regression analysis suggests that our results are unlikely to be driven by reverse causality.

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