Chapter 16 Are financial assets priced locally or globally

By G. Karolyi, René M. Stulz. 2003

230 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/983f56f441b8cc30402d0bace6f91a4f7f481ef2

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Lucio Sarno
2. Nicolas Coeurdacier
3. G. Karolyi
4. René M. Stulz
5. P. Kelly
6. Stéphane Guibaud
7. Sofia Ramos
8. Helena Veiga

In Finance

1. René M. Stulz
2. Nicolas Coeurdacier
3. Miguel A. Ferreira
4. G. Karolyi
5. Stéphane Guibaud
6. Kenneth R. French
7. Rohan Williamson
8. Lucio Sarno

Citations in the corpus

• The Importance of Trust for Investment: Evidence from Venture Capital (2016, background): “There are many reasons why investors may prefer to invest in a domestic company (Karolyi and Stulz (2003)).”
• Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions (2010, unknown): “…for corporations to diversify internationally through acquisitions.3 In addition, as portfolio investors become 3The home bias literature suggests that investors allocate too little of their portfolios to international stocks (French and Poterba (1991), Lewis (1999), and Karolyi and Stulz (2003)).”
• Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets (2010, background): “Karolyi and Stulz (2003) summarize the evidence on whether assets are best explained by local or global market returns.”
• Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts (2008, background): “The difference in the average forecast error in univariate comparisons between local and foreign analysts 1 See Lewis (1999) and Karolyi and Stulz (2003) for reviews of the literature on the home bias.”
• Do Foreigners Facilitate Information Transmission in Emerging Markets (2012, unknown): “Economists have long studied its welfare gains in terms of risk-sharing benefits (Karolyi and Stulz (2003)) and, more recently, have focused on investment and growth benefits associated with financial market integration (Bekaert, Harvey, and Lundblad (2001, 2005, 2009)).”
• The Cost of Active Investing (2008, background): “Readers familiar with the literature seeking to explain why investors do not diversify internationally (e.g., French and Poterba (1991), Karolyi and Stulz (2003), and Ahearne, Griever, and Warnock (2004)) may be surprised that this fraction grows from 2.0% in 1980 and 8.5% in 1990 to a substantial…”
• Portfolio Concentration and Performance of Institutional Investors Worldwide (2017, background): “1 See Lewis (1999) and Karolyi and Stulz (2003) for reviews of the literature on home bias.”
• The Equity Home Bias Puzzle: A Survey (2013, background): “…or tax status, this may lead to downward sloping demand curves for foreign stocks, creating incentives for firms to restrict their supply of shares available to foreign investors in an attempt to increase the price of unrestricted stock (Karolyi and Stulz, 2003; Stulz and Wasserfallen, 1995).”