Does Foreign Portfolio Investment Reach Small Listed Firms?

Knill, April M.

World Bank, Washington, DC

关键词: ACCESS TO BANK;    ACCESS TO CAPITAL;    ACCESS TO FINANCE;    ACCESS TO FINANCING;    ACCOUNTING;   

DOI  :  10.1596/1813-9450-3796
RP-ID  :  WPS3796

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Using a unique dataset, the authorexamines the impact of foreign portfolio investment on thecapital issuance behavior of small listed firms. The authorfinds that foreign portfolio investment is associated withan increased probability of small firm security issuance inall nations, regardless of property rights development.Evidence suggests the mechanism by which this occurs is afreeing up of capital in domestic markets when large firmsutilize the foreign investment directly. Debt levels innations where property rights are more developed increase,suggesting that foreign portfolio investment may reach smallfirms through the banking channel as well as capital marketsin these nations.