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Working Paper
Corporate governance and the shareholder base
Warnock, Francis E.; Lins, Karl V. (2004)
This paper uses a sample of 4,410 firms from 29 countries to investigate the relation between corporate governance and the shareholder base. In contrast to previous work, our results strongly support the notion that poor corporate governance, at both the firm and country level, negatively impacts the willingness of foreign investors to hold a firm's equity. Specifically, we find that firms whose managers have sufficiently high control rights that they may reasonably be expected to expropriate minority equity investors attract significantly less U.S. investment, especially in countries with ...
International Finance Discussion Papers , Paper 816

Working Paper
Financial centers and the geography of capital flows
Cleaver, Chad; Warnock, Francis E. (2002)
We examine an assumption common in empirical work on bilateral portfolio capital flows that the countries the flows are attributed to are also the countries of the security's issuer, seller, or ultimate buyer. We do this by estimating U.S. investors' holdings of debt and equities in over 40 countries and, for the same countries, foreign investors' holdings of U.S. debt and equities. A comparison of our estimates with data from benchmark surveys provides insight into U.S. data on international debt and equity transactions. We find that, contrary to the common assumption, the data do not track ...
International Finance Discussion Papers , Paper 722

Working Paper
Information costs and home bias: an analysis of U.S. holdings of foreign equities
Ahearne, Alan G.; Griever, William L.; Warnock, Francis E. (2000)
We aim to provide insight into the observed equity home bias phenomenon by analyzing the determinants of U.S. holdings of equities across a wide range of countries. In particular, we explore the role of information costs in determining the country distribution of U.S. investors' equity holdings using a comprehensive new data set on U.S. ownership of foreign stocks. We find that U.S. holdings of a country's equities are positively related to the share of that country's stock market that is listed on U.S. exchanges, even after controlling for capital controls, trade links, transaction costs, ...
International Finance Discussion Papers , Paper 691

Journal Article
Should U.S. investors invest overseas?
Simons, Katerina (1999-11)
Interest in foreign investment has been high among U.S. investors in recent years. Many investors know that geographic diversification can improve investment returns without increasing risk. However, whether or not to invest abroad and, if so, how much weight to give to foreign investment, are questions often subject to heated debate. Whether or not to invest abroad is part of the larger question of how to assemble a portfolio that is appropriate for the investor's circumstances and degree of risk tolerance. ; This article examines the question of international investing within the broader ...
New England Economic Review , Issue Nov , Pages 29-40

Working Paper
Modeling investment income and other services in the U.S. international transactions accounts
Helkie, William L.; Stekler, Lois E. (1987)
This paper presents the services account sector of a model of U.S. international transactions (the USIT model) that is maintained in the Division of International Finance of the Federal Reserve Board. Part I present the models for payments and receipts on direct investment, other investment income, and non-investment services. Part II reports on simulations that indicate the sensitivity of the model's forecast to changes in its predetermined variables such as interest rates and exchange rates. In particular, we explore the implications of large current account deficits and the resulting ...
International Finance Discussion Papers , Paper 319

Journal Article
Foreign investment in the Pacific Basin
Akrasanee, Narongchai (1988)
FRBSF Economic Letter

Report
Voluntary conversions of LDC debt
Remolona, Eli M.; DiLeo, Paul (1989)
Research Paper , Paper 8903

Speech
Recent developments in key legal issues of international reserves investments
Baxter, Thomas C. (2010)
Remarks at the Central Reserve Bank of Peru on the Foreign Sovereign Immunities Act and Central Bank Immunity in the United States.
Speech , Paper 48

Working Paper
Institutional Efficiency, Monitoring Costs, and the Investment Share of FDI
Aizenman, Joshua; Spiegel, Mark M. (2003-03-01)
This paper models and tests the implications of institutional efficiency on the pattern of foreign direct investment (FDI). We posit that domestic agents have a comparative advantage over foreign agents in overcoming some of the obstacles associated with corruption and weak institutions. We model these circumstances in a principal-agent framework with costly ex-post monitoring and enforcement of an ex-ante labor contract. Ex-post monitoring and enforcement costs are assumed to be lower for domestic entrepreneurs than for foreign ones, but foreign producers enjoy a countervailing productivity ...
Working Paper Series , Paper 2003-06

Journal Article
Recycling petrodollars
Lerman, Robert; Klitgaard, Thomas; Higgins, Matthew (2006-12)
In recent years, oil-exporting countries have experienced windfall gains with the rise in the price of oil. A look at how oil exporters "recycle" their revenues reveals that roughly half of the petrodollar windfall has gone to purchase foreign goods, especially from Europe and China, while the remainder has been invested in foreign assets. Although it is difficult to determine where the funds are first invested, the evidence suggests that the bulk are ending up, directly or indirectly, in the United States.
Current Issues in Economics and Finance , Volume 12 , Issue Dec

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