메뉴 건너뛰기




Volumn 1, Issue SUPPL. PART B, 2003, Pages 975-1020

Chapter 16 Are financial assets priced locally or globally?

Author keywords

[No Author keywords available]

Indexed keywords


EID: 66049088654     PISSN: 15740102     EISSN: None     Source Type: Book Series    
DOI: 10.1016/S1574-0102(03)01025-2     Document Type: Review
Times cited : (314)

References (159)
  • 1
    • 84944838161 scopus 로고
    • International portfolio choice and corporation finance: a synthesis
    • Adler M., and Dumas B. International portfolio choice and corporation finance: a synthesis. Journal of Finance 38 (1983) 925-984
    • (1983) Journal of Finance , vol.38 , pp. 925-984
    • Adler, M.1    Dumas, B.2
  • 2
    • 0013153593 scopus 로고    scopus 로고
    • Information costs and home bias: an analysis of U.S. holdings of foreign equities
    • forthcoming
    • Ahearne A.G., Griever W.L., and Warnock F.E. Information costs and home bias: an analysis of U.S. holdings of foreign equities. Journal of International Economics (2002) forthcoming
    • (2002) Journal of International Economics
    • Ahearne, A.G.1    Griever, W.L.2    Warnock, F.E.3
  • 3
    • 0000299255 scopus 로고
    • Good news, bad news and international spillovers of stock return volatility between Japan and the U.S.
    • Bae K., and Karolyi G.A. Good news, bad news and international spillovers of stock return volatility between Japan and the U.S. Pacific-Basin Finance Journal 2 (1994) 405-438
    • (1994) Pacific-Basin Finance Journal , vol.2 , pp. 405-438
    • Bae, K.1    Karolyi, G.A.2
  • 5
    • 0001568702 scopus 로고    scopus 로고
    • Testing for and dating common breaks in multivariate time series
    • Bai J., Lumsdaine R., and Stock J.H. Testing for and dating common breaks in multivariate time series. Review of Economic Studies 65 (1998) 395-432
    • (1998) Review of Economic Studies , vol.65 , pp. 395-432
    • Bai, J.1    Lumsdaine, R.2    Stock, J.H.3
  • 6
    • 0011618337 scopus 로고
    • Foreign ownership restrictions and stock prices in the Thai capital market
    • Bailey W., and Jagtiani J. Foreign ownership restrictions and stock prices in the Thai capital market. Journal of Financial Economics 36 (1994) 57-87
    • (1994) Journal of Financial Economics , vol.36 , pp. 57-87
    • Bailey, W.1    Jagtiani, J.2
  • 7
    • 0039012092 scopus 로고    scopus 로고
    • Depositary receipts, country funds, and the peso crash: the intraday evidence
    • Bailey W., Chan K., and Chung Y.P. Depositary receipts, country funds, and the peso crash: the intraday evidence. Journal of Finance 55 (2000) 2693-2717
    • (2000) Journal of Finance , vol.55 , pp. 2693-2717
    • Bailey, W.1    Chan, K.2    Chung, Y.P.3
  • 8
    • 84963257520 scopus 로고
    • Are government bonds net wealth?
    • Barro R.J. Are government bonds net wealth?. Journal of Political Economy 82 (1974) 1095-1118
    • (1974) Journal of Political Economy , vol.82 , pp. 1095-1118
    • Barro, R.J.1
  • 9
    • 0031396606 scopus 로고    scopus 로고
    • The international diversification puzzle is worse than you think
    • Baxter M., and Jermann U.J. The international diversification puzzle is worse than you think. American Economic Review 87 (1997) 170-180
    • (1997) American Economic Review , vol.87 , pp. 170-180
    • Baxter, M.1    Jermann, U.J.2
  • 10
    • 84993905064 scopus 로고
    • Time-varying world market integration
    • Bekaert G., and Harvey C. Time-varying world market integration. Journal of Finance 50 (1995) 403-444
    • (1995) Journal of Finance , vol.50 , pp. 403-444
    • Bekaert, G.1    Harvey, C.2
  • 11
    • 0040212676 scopus 로고    scopus 로고
    • Foreign speculators and emerging equity markets
    • Bekaert G., and Harvey C. Foreign speculators and emerging equity markets. Journal of Finance 55 (2000) 565-613
    • (2000) Journal of Finance , vol.55 , pp. 565-613
    • Bekaert, G.1    Harvey, C.2
  • 12
    • 84977718189 scopus 로고
    • Characterizing predictable components in excess returns on equity and foreign exchange markets
    • Bekaert G., and Hodrick R.J. Characterizing predictable components in excess returns on equity and foreign exchange markets. Journal of Finance 47 (1992) 467-510
    • (1992) Journal of Finance , vol.47 , pp. 467-510
    • Bekaert, G.1    Hodrick, R.J.2
  • 15
    • 0002415135 scopus 로고    scopus 로고
    • The capital myth
    • Bhagwati J. The capital myth. Foreign Affairs 77 3 (1998) 7-12
    • (1998) Foreign Affairs , vol.77 , Issue.3 , pp. 7-12
    • Bhagwati, J.1
  • 16
    • 1342346158 scopus 로고
    • International capital market equilibrium with investment barriers
    • Black F. International capital market equilibrium with investment barriers. Journal of Financial Economics 1 (1974) 337-352
    • (1974) Journal of Financial Economics , vol.1 , pp. 337-352
    • Black, F.1
  • 17
    • 84977736618 scopus 로고
    • Equilibrium exchange rate hedging
    • Black F. Equilibrium exchange rate hedging. Journal of Finance 45 (1990) 899-908
    • (1990) Journal of Finance , vol.45 , pp. 899-908
    • Black, F.1
  • 18
    • 0002518156 scopus 로고    scopus 로고
    • U.S. equity investment in foreign markets: portfolio rebalancing or return chasing?
    • Bohn H., and Tesar L. U.S. equity investment in foreign markets: portfolio rebalancing or return chasing?. American Economic Review 86 (1996) 77-81
    • (1996) American Economic Review , vol.86 , pp. 77-81
    • Bohn, H.1    Tesar, L.2
  • 20
    • 0009713512 scopus 로고
    • An intertemporal asset pricing model with stochastic consumption and investment opportunities
    • Breeden D. An intertemporal asset pricing model with stochastic consumption and investment opportunities. Journal of Financial Economics 7 (1979) 265-296
    • (1979) Journal of Financial Economics , vol.7 , pp. 265-296
    • Breeden, D.1
  • 21
    • 0040747533 scopus 로고    scopus 로고
    • International portfolio flows
    • Brennan M.J., and Cao H. International portfolio flows. Journal of Finance 52 (1997) 1851-1880
    • (1997) Journal of Finance , vol.52 , pp. 1851-1880
    • Brennan, M.J.1    Cao, H.2
  • 22
    • 0038851310 scopus 로고    scopus 로고
    • The sampling error in estimates of mean-variance efficient portfolio weights
    • Britten-Jones M. The sampling error in estimates of mean-variance efficient portfolio weights. Journal of Finance 54 (1999) 655-671
    • (1999) Journal of Finance , vol.54 , pp. 655-671
    • Britten-Jones, M.1
  • 23
    • 0002428258 scopus 로고    scopus 로고
    • Capital flows to Latin America: is there evidence of a contagion effect?
    • Calvo G.A., Goldstein M., and Hochreiter E. (Eds), Institute for International Economics, Washington, DC
    • Calvo G., and Reinhart C.M. Capital flows to Latin America: is there evidence of a contagion effect?. In: Calvo G.A., Goldstein M., and Hochreiter E. (Eds). Private Capital Flows to Emerging Markets after the Mexican Crisis (1996), Institute for International Economics, Washington, DC 151-171
    • (1996) Private Capital Flows to Emerging Markets after the Mexican Crisis , pp. 151-171
    • Calvo, G.1    Reinhart, C.M.2
  • 24
    • 84977709173 scopus 로고
    • Predictable stock returns in the United States and Japan: a study of long-term capital market integration
    • Campbell J.Y., and Hamao Y. Predictable stock returns in the United States and Japan: a study of long-term capital market integration. Journal of Finance 47 (1992) 43-70
    • (1992) Journal of Finance , vol.47 , pp. 43-70
    • Campbell, J.Y.1    Hamao, Y.2
  • 26
    • 43949169695 scopus 로고
    • Institutional trades and intraday stock prices behavior
    • Chan L., and Lakonishok J. Institutional trades and intraday stock prices behavior. Journal of Financial Economics 33 (1993) 173-200
    • (1993) Journal of Financial Economics , vol.33 , pp. 173-200
    • Chan, L.1    Lakonishok, J.2
  • 27
    • 84993899497 scopus 로고
    • The behavior of stock prices around institutional trades
    • Chan L., and Lakonishok J. The behavior of stock prices around institutional trades. Journal of Finance 50 (1995) 1174
    • (1995) Journal of Finance , vol.50 , pp. 1174
    • Chan, L.1    Lakonishok, J.2
  • 28
    • 0040657086 scopus 로고    scopus 로고
    • Institutional equity trading costs: NYSE versus Nasdaq
    • Chan L., and Lakonishok J. Institutional equity trading costs: NYSE versus Nasdaq. Journal of Finance 52 (1997) 713-735
    • (1997) Journal of Finance , vol.52 , pp. 713-735
    • Chan, L.1    Lakonishok, J.2
  • 29
    • 0003974021 scopus 로고    scopus 로고
    • Stock market liberalization and the repricing of systematic risk
    • NBER, Cambridge, MA
    • Chari A., and Henry P. Stock market liberalization and the repricing of systematic risk. NBER Working Paper 8265 (2001), NBER, Cambridge, MA
    • (2001) NBER Working Paper 8265
    • Chari, A.1    Henry, P.2
  • 30
    • 0000601205 scopus 로고
    • International arbitrage pricing theory: an empirical investigation
    • Cho D.C., Eun C.S., and Senbet L.W. International arbitrage pricing theory: an empirical investigation. Journal of Finance 41 (1986) 313-330
    • (1986) Journal of Finance , vol.41 , pp. 313-330
    • Cho, D.C.1    Eun, C.S.2    Senbet, L.W.3
  • 31
    • 0000759899 scopus 로고    scopus 로고
    • Do foreign investors destabilize stock markets? The Korean experience in 1997
    • Choe H., Kho B., and Stulz R.M. Do foreign investors destabilize stock markets? The Korean experience in 1997. Journal of Financial Economics 54 (1999) 3-46
    • (1999) Journal of Financial Economics , vol.54 , pp. 3-46
    • Choe, H.1    Kho, B.2    Stulz, R.M.3
  • 32
    • 0003863817 scopus 로고    scopus 로고
    • Do domestic investors have more valuable information about individual stocks than foreign investors?
    • NBER, Cambridge, MA
    • Choe H., Kho B., and Stulz R.M. Do domestic investors have more valuable information about individual stocks than foreign investors?. NBER Working Paper 8073 (2001), NBER, Cambridge, MA
    • (2001) NBER Working Paper 8073
    • Choe, H.1    Kho, B.2    Stulz, R.M.3
  • 33
    • 0004077892 scopus 로고    scopus 로고
    • Claessens S., and Forbes K. (Eds), Kluwer Academic Publishers, New York
    • In: Claessens S., and Forbes K. (Eds). International Financial Contagion (2001), Kluwer Academic Publishers, New York
    • (2001) International Financial Contagion
  • 34
    • 0002562837 scopus 로고    scopus 로고
    • Contagion: why crises spread and how this can be stopped
    • Claessens S., and Forbes K. (Eds), Kluwer Academic Publishers, New York
    • Claessens S., Dornbusch R., and Park Y.C. Contagion: why crises spread and how this can be stopped. In: Claessens S., and Forbes K. (Eds). International Financial Contagion (2001), Kluwer Academic Publishers, New York 19-42
    • (2001) International Financial Contagion , pp. 19-42
    • Claessens, S.1    Dornbusch, R.2    Park, Y.C.3
  • 35
    • 0004218789 scopus 로고    scopus 로고
    • Foreign investment fluctuations and emerging market stock returns: the case of Mexico
    • Federal Reserve Bank of New York, New York unpublished
    • Clark J., and Berko E. Foreign investment fluctuations and emerging market stock returns: the case of Mexico. Working Paper (1996), Federal Reserve Bank of New York, New York unpublished
    • (1996) Working Paper
    • Clark, J.1    Berko, E.2
  • 36
    • 0037212429 scopus 로고    scopus 로고
    • International equity market co-movement: economic fundamentals or contagion?
    • Connolly R., and Wang F.A. International equity market co-movement: economic fundamentals or contagion?. Pacific-Basin Finance Journal 11 (2003) 23-43
    • (2003) Pacific-Basin Finance Journal , vol.11 , pp. 23-43
    • Connolly, R.1    Wang, F.A.2
  • 37
    • 21344496561 scopus 로고
    • Home bias in equity portfolios, inflation hedging and international capital market equilibrium
    • Cooper I.A., and Kaplanis E. Home bias in equity portfolios, inflation hedging and international capital market equilibrium. Review of Financial Studies 7 (1994) 45-60
    • (1994) Review of Financial Studies , vol.7 , pp. 45-60
    • Cooper, I.A.1    Kaplanis, E.2
  • 38
    • 0007884883 scopus 로고    scopus 로고
    • Home bias at home: local equity preference in domestic portfolios
    • Coval J.A., and Moskowitz T.J. Home bias at home: local equity preference in domestic portfolios. Journal of Finance 54 (1999) 2045-2073
    • (1999) Journal of Finance , vol.54 , pp. 2045-2073
    • Coval, J.A.1    Moskowitz, T.J.2
  • 39
    • 0034861189 scopus 로고    scopus 로고
    • The geography of investment: informed trading and asset prices
    • Coval J.A., and Moskowitz T.J. The geography of investment: informed trading and asset prices. Journal of Political Economy 109 (2001) 811-841
    • (2001) Journal of Political Economy , vol.109 , pp. 811-841
    • Coval, J.A.1    Moskowitz, T.J.2
  • 40
    • 0001091567 scopus 로고
    • Consumption risk and international equity returns: some empirical evidence
    • Cumby R.E. Consumption risk and international equity returns: some empirical evidence. Journal of International Money and Finance 9 (1990) 182-192
    • (1990) Journal of International Money and Finance , vol.9 , pp. 182-192
    • Cumby, R.E.1
  • 41
    • 0001656840 scopus 로고    scopus 로고
    • Direct foreign ownership, institutional investors, and firm characteristics
    • Dahlquist M., and Robertsson G. Direct foreign ownership, institutional investors, and firm characteristics. Journal of Financial Economics 59 (2001) 413-440
    • (2001) Journal of Financial Economics , vol.59 , pp. 413-440
    • Dahlquist, M.1    Robertsson, G.2
  • 42
    • 4043173885 scopus 로고    scopus 로고
    • An evaluation of international asset pricing models
    • Duke University, Durham, NC
    • Dahlquist M., and SÄllström T. An evaluation of international asset pricing models. Working Paper (2002), Duke University, Durham, NC
    • (2002) Working Paper
    • Dahlquist, M.1    SÄllström, T.2
  • 43
    • 0008316255 scopus 로고
    • Asset pricing and portfolio diversification: evidence from emerging financial markets
    • Claesens S., and Gooptu S. (Eds), World Bank, Washington, DC
    • De Santis G. Asset pricing and portfolio diversification: evidence from emerging financial markets. In: Claesens S., and Gooptu S. (Eds). Portfolio Investment in Developing Countries (1993), World Bank, Washington, DC 145-168
    • (1993) Portfolio Investment in Developing Countries , pp. 145-168
    • De Santis, G.1
  • 44
    • 0038969184 scopus 로고    scopus 로고
    • International asset pricing and portfolio diversification with time-varying risk
    • De Santis G., and Gerard B. International asset pricing and portfolio diversification with time-varying risk. Journal of Finance 52 (1997) 1881-1912
    • (1997) Journal of Finance , vol.52 , pp. 1881-1912
    • De Santis, G.1    Gerard, B.2
  • 46
    • 85010390101 scopus 로고
    • Bank runs, deposit insurance, and liquidity
    • Diamond D., and Dybvig P. Bank runs, deposit insurance, and liquidity. Journal of Political Economy 91 (1983) 401-419
    • (1983) Journal of Political Economy , vol.91 , pp. 401-419
    • Diamond, D.1    Dybvig, P.2
  • 47
    • 0001453918 scopus 로고    scopus 로고
    • Market segmentation and stock prices: evidence from an emerging market
    • Domowitz I., Glen J., and Madhavan A. Market segmentation and stock prices: evidence from an emerging market. Journal of Finance 52 (1997) 1059-1085
    • (1997) Journal of Finance , vol.52 , pp. 1059-1085
    • Domowitz, I.1    Glen, J.2    Madhavan, A.3
  • 48
    • 0000522890 scopus 로고
    • Dynamic equilibrium and the real exchange rate in a spatially separated world
    • Dumas B. Dynamic equilibrium and the real exchange rate in a spatially separated world. Review of Financial Studies 5 (1992) 153-180
    • (1992) Review of Financial Studies , vol.5 , pp. 153-180
    • Dumas, B.1
  • 49
    • 84993909002 scopus 로고
    • The world price of foreign exchange risk
    • Dumas B., and Solnik B. The world price of foreign exchange risk. Journal of Finance 50 (1995) 445-479
    • (1995) Journal of Finance , vol.50 , pp. 445-479
    • Dumas, B.1    Solnik, B.2
  • 50
    • 0000274402 scopus 로고    scopus 로고
    • Aggregate price effects of institutional trading: a study of mutual fund flow and market returns
    • Edelen R., and Warner J. Aggregate price effects of institutional trading: a study of mutual fund flow and market returns. Journal of Financial Economics 59 (2001) 195-220
    • (2001) Journal of Financial Economics , vol.59 , pp. 195-220
    • Edelen, R.1    Warner, J.2
  • 54
    • 84944837552 scopus 로고
    • International asset pricing under mild segmentation: theory and test
    • Errunza V., and Losq E. International asset pricing under mild segmentation: theory and test. Journal of Finance 40 (1985) 105-124
    • (1985) Journal of Finance , vol.40 , pp. 105-124
    • Errunza, V.1    Losq, E.2
  • 55
    • 0013068420 scopus 로고    scopus 로고
    • Can the gains from international diversification be achieved without trading abroad?
    • Errunza V., Hogan K., and Hung M. Can the gains from international diversification be achieved without trading abroad?. Journal of Finance 54 (1999) 2075-2107
    • (1999) Journal of Finance , vol.54 , pp. 2075-2107
    • Errunza, V.1    Hogan, K.2    Hung, M.3
  • 56
    • 84944838909 scopus 로고
    • A model of international asset pricing with a constraint on the foreign equity ownership
    • Eun C.S., and Janakiramanan S. A model of international asset pricing with a constraint on the foreign equity ownership. Journal of Finance 41 (1986) 897-914
    • (1986) Journal of Finance , vol.41 , pp. 897-914
    • Eun, C.S.1    Janakiramanan, S.2
  • 59
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • Fama E., and French K. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33 (1993) 3-56
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.1    French, K.2
  • 60
    • 11544342489 scopus 로고    scopus 로고
    • Value versus growth: the international evidence
    • Fama E., and French G. Value versus growth: the international evidence. Journal of Finance 53 (1998) 1975-1999
    • (1998) Journal of Finance , vol.53 , pp. 1975-1999
    • Fama, E.1    French, G.2
  • 61
    • 0007801061 scopus 로고
    • Human capital and capital market equilibrium
    • Fama E., and Schwert G. Human capital and capital market equilibrium. Journal of Financial Economics 4 (1977) 95-125
    • (1977) Journal of Financial Economics , vol.4 , pp. 95-125
    • Fama, E.1    Schwert, G.2
  • 62
    • 21344486016 scopus 로고
    • The risk and predictability of international equity returns
    • Ferson W., and Harvey C. The risk and predictability of international equity returns. Review of Financial Studies 6 (1993) 527-566
    • (1993) Review of Financial Studies , vol.6 , pp. 527-566
    • Ferson, W.1    Harvey, C.2
  • 63
    • 0000369716 scopus 로고
    • Sources of risk and expected returns in global equity markets
    • Ferson W., and Harvey C. Sources of risk and expected returns in global equity markets. Journal of Banking and Finance 18 (1994) 775-803
    • (1994) Journal of Banking and Finance , vol.18 , pp. 775-803
    • Ferson, W.1    Harvey, C.2
  • 64
    • 0009021859 scopus 로고
    • Predictability and time-varying risk in world equity markets
    • Ferson W., and Harvey C. Predictability and time-varying risk in world equity markets. Research in Finance 13 (1995) 25-87
    • (1995) Research in Finance , vol.13 , pp. 25-87
    • Ferson, W.1    Harvey, C.2
  • 65
    • 0031521248 scopus 로고    scopus 로고
    • Fundamental determinants of national equity market returns: a perspective on conditional asset pricing
    • Ferson W., and Harvey C. Fundamental determinants of national equity market returns: a perspective on conditional asset pricing. Journal of Banking and Finance 21 (1997) 1625-1665
    • (1997) Journal of Banking and Finance , vol.21 , pp. 1625-1665
    • Ferson, W.1    Harvey, C.2
  • 66
    • 0002357241 scopus 로고    scopus 로고
    • The effects of market segmentation and investor recognition on asset prices: evidence from foreign stocks listing in the U.S.
    • Foerster S., and Karolyi A. The effects of market segmentation and investor recognition on asset prices: evidence from foreign stocks listing in the U.S. Journal of Finance 54 (1999) 981-1014
    • (1999) Journal of Finance , vol.54 , pp. 981-1014
    • Foerster, S.1    Karolyi, A.2
  • 68
    • 0006602371 scopus 로고    scopus 로고
    • Measuring contagion: conceptual and empirical issues
    • Claessens S., and Forbes K. (Eds), Kluwer Academic Publishers, New York
    • Forbes K., and Rigobon R. Measuring contagion: conceptual and empirical issues. In: Claessens S., and Forbes K. (Eds). International Financial Contagion (2001), Kluwer Academic Publishers, New York
    • (2001) International Financial Contagion
    • Forbes, K.1    Rigobon, R.2
  • 69
    • 0003350474 scopus 로고    scopus 로고
    • No contagion, only interdependence: measuring stock market comovements
    • Forbes K., and Rigobon R. No contagion, only interdependence: measuring stock market comovements. Journal of Finance 57 (2002) 2223-2261
    • (2002) Journal of Finance , vol.57 , pp. 2223-2261
    • Forbes, K.1    Rigobon, R.2
  • 70
    • 0003204944 scopus 로고    scopus 로고
    • Crises, contagion, and country funds: effects on East Asia and Latin America
    • Glick R. (Ed), Cambridge University Press, Cambridge
    • Frankel J., and Schmukler S. Crises, contagion, and country funds: effects on East Asia and Latin America. In: Glick R. (Ed). Managing of Capital Flows and Exchange Rates: Lessons from the Pacific Rim (1998), Cambridge University Press, Cambridge 232-266
    • (1998) Managing of Capital Flows and Exchange Rates: Lessons from the Pacific Rim , pp. 232-266
    • Frankel, J.1    Schmukler, S.2
  • 71
    • 0000815950 scopus 로고
    • International diversification and international equity markets
    • French K., and Poterba J.M. International diversification and international equity markets. American Economic Review 81 (1991) 222-226
    • (1991) American Economic Review , vol.81 , pp. 222-226
    • French, K.1    Poterba, J.M.2
  • 72
    • 16244423125 scopus 로고    scopus 로고
    • The information content of international portfolio flows
    • NBER, Cambridge, MA
    • Froot K., and Ramadorai T. The information content of international portfolio flows. NBER Working Paper 8472 (2001), NBER, Cambridge, MA
    • (2001) NBER Working Paper 8472
    • Froot, K.1    Ramadorai, T.2
  • 73
    • 77957239083 scopus 로고
    • Perspectives on PPP and long-run real exchange rates
    • Grossman G., and Rogoff K. (Eds), Elsevier, Amsterdam
    • Froot K., and Rogoff K. Perspectives on PPP and long-run real exchange rates. In: Grossman G., and Rogoff K. (Eds). Handbook of International Economics Vol. III (1995), Elsevier, Amsterdam 1647-1688
    • (1995) Handbook of International Economics , vol.III , pp. 1647-1688
    • Froot, K.1    Rogoff, K.2
  • 76
    • 0038978346 scopus 로고
    • An information based explanation of the domestic bias in international equity investment
    • Gehrig T. An information based explanation of the domestic bias in international equity investment. Scandinavian Journal of Economics 95 (1993) 97-109
    • (1993) Scandinavian Journal of Economics , vol.95 , pp. 97-109
    • Gehrig, T.1
  • 77
    • 84977712643 scopus 로고
    • The time variation of risk and return in the foreign exchange and stock markets
    • Giovannini A., and Jorion P. The time variation of risk and return in the foreign exchange and stock markets. Journal of Finance 44 (1989) 307-326
    • (1989) Journal of Finance , vol.44 , pp. 307-326
    • Giovannini, A.1    Jorion, P.2
  • 78
    • 0038629766 scopus 로고    scopus 로고
    • What causes home asset bias and how should it be measured?
    • Glassman D.A., and Riddick L.A. What causes home asset bias and how should it be measured?. Journal of Empirical Finance 8 (2001) 35-54
    • (2001) Journal of Empirical Finance , vol.8 , pp. 35-54
    • Glassman, D.A.1    Riddick, L.A.2
  • 80
    • 0036296822 scopus 로고    scopus 로고
    • Are the Fama and French factors global or country-specific?
    • Griffin J.M. Are the Fama and French factors global or country-specific?. The Review of Financial Studies 15 (2002) 783-803
    • (2002) The Review of Financial Studies , vol.15 , pp. 783-803
    • Griffin, J.M.1
  • 81
    • 0000660071 scopus 로고    scopus 로고
    • Another look at the role of the industrial structure of markets for international diversification strategies
    • Griffin J.M., and Karolyi G.A. Another look at the role of the industrial structure of markets for international diversification strategies. Journal of Financial Economics 50 (1998) 351-373
    • (1998) Journal of Financial Economics , vol.50 , pp. 351-373
    • Griffin, J.M.1    Karolyi, G.A.2
  • 82
    • 0035578958 scopus 로고    scopus 로고
    • International competition and exchange rate shocks: a cross-country industry analysis of stocks
    • Griffin J.M., and Stulz R.M. International competition and exchange rate shocks: a cross-country industry analysis of stocks. Review of Financial Studies (2001) 215-241
    • (2001) Review of Financial Studies , pp. 215-241
    • Griffin, J.M.1    Stulz, R.M.2
  • 83
    • 0033634041 scopus 로고    scopus 로고
    • The investment behavior and performance of various investor-types: a study of Finland's unique data set
    • Grinblatt M., and Keloharju M. The investment behavior and performance of various investor-types: a study of Finland's unique data set. Journal of Financial Economics 55 (2000) 43-67
    • (2000) Journal of Financial Economics , vol.55 , pp. 43-67
    • Grinblatt, M.1    Keloharju, M.2
  • 84
    • 0039699515 scopus 로고    scopus 로고
    • How distance, language, and culture influence stockholdings and trades
    • Grinblatt M., and Keloharju M. How distance, language, and culture influence stockholdings and trades. Journal of Finance 56 (2001) 1053-1073
    • (2001) Journal of Finance , vol.56 , pp. 1053-1073
    • Grinblatt, M.1    Keloharju, M.2
  • 85
    • 84977703701 scopus 로고
    • Capital controls and international capital market segmentation: the evidence from the Japanese and American stock markets
    • Gultekin M.N., Gultekin N.B., and Penati A. Capital controls and international capital market segmentation: the evidence from the Japanese and American stock markets. Journal of Finance 44 (1989) 849-870
    • (1989) Journal of Finance , vol.44 , pp. 849-870
    • Gultekin, M.N.1    Gultekin, N.B.2    Penati, A.3
  • 86
    • 0001698432 scopus 로고
    • Correlations in price changes and volatility across international stock markets
    • Hamao Y., Masulis R.W., and Ng V. Correlations in price changes and volatility across international stock markets. Review of Financial Studies 3 (1990) 281-308
    • (1990) Review of Financial Studies , vol.3 , pp. 281-308
    • Hamao, Y.1    Masulis, R.W.2    Ng, V.3
  • 87
    • 0001342006 scopus 로고
    • A new approach to the economic analysis of nonstationary time series and the business cycle
    • Hamilton J.D. A new approach to the economic analysis of nonstationary time series and the business cycle. Econometrica 57 (1989) 357-384
    • (1989) Econometrica , vol.57 , pp. 357-384
    • Hamilton, J.D.1
  • 88
    • 84977722638 scopus 로고
    • The world price of covariance risk
    • Harvey C. The world price of covariance risk. Journal of Finance 46 (1991) 111-158
    • (1991) Journal of Finance , vol.46 , pp. 111-158
    • Harvey, C.1
  • 89
    • 21844487168 scopus 로고
    • Predictable risk and returns in emerging markets
    • Harvey C. Predictable risk and returns in emerging markets. Review of Financial Studies 8 (1995) 773-816
    • (1995) Review of Financial Studies , vol.8 , pp. 773-816
    • Harvey, C.1
  • 90
    • 0040434945 scopus 로고    scopus 로고
    • Location matters
    • Hau H. Location matters. Journal of Finance 56 (2001) 1959-1983
    • (2001) Journal of Finance , vol.56 , pp. 1959-1983
    • Hau, H.1
  • 91
    • 0008919779 scopus 로고    scopus 로고
    • Stock market liberalization, economic reform, and emerging market prices
    • Henry P. Stock market liberalization, economic reform, and emerging market prices. Journal of Finance 55 (2000) 529-564
    • (2000) Journal of Finance , vol.55 , pp. 529-564
    • Henry, P.1
  • 92
    • 0002268752 scopus 로고
    • Does industrial structure explain the benefits of international diversification?
    • Heston S.L., and Rouwenhorst K.G. Does industrial structure explain the benefits of international diversification?. Journal of Financial Economics 36 (1994) 3-27
    • (1994) Journal of Financial Economics , vol.36 , pp. 3-27
    • Heston, S.L.1    Rouwenhorst, K.G.2
  • 93
    • 84977737479 scopus 로고
    • Asset pricing in partially segmented markets: evidence from the Finnish market
    • Hietala P. Asset pricing in partially segmented markets: evidence from the Finnish market. Journal of Finance 44 (1989) 697-718
    • (1989) Journal of Finance , vol.44 , pp. 697-718
    • Hietala, P.1
  • 94
    • 84993913346 scopus 로고
    • Time-varying expected returns in international bond markets
    • Ilmanen A. Time-varying expected returns in international bond markets. Journal of Finance 50 (1995) 481-506
    • (1995) Journal of Finance , vol.50 , pp. 481-506
    • Ilmanen, A.1
  • 96
    • 84944832612 scopus 로고
    • Integration vs. segmentation in the Canadian stock market
    • Jorion P., and Schwartz E. Integration vs. segmentation in the Canadian stock market. Journal of Finance 41 (1986) 603-613
    • (1986) Journal of Finance , vol.41 , pp. 603-613
    • Jorion, P.1    Schwartz, E.2
  • 98
    • 0003734935 scopus 로고    scopus 로고
    • Managers, investors, and crises: mutual fund strategies in emerging markets
    • NBER, Cambridge, MA
    • Kaminsky G., Lyons R., and Schmukler S. Managers, investors, and crises: mutual fund strategies in emerging markets. NBER Working Paper 7855 (2000), NBER, Cambridge, MA
    • (2000) NBER Working Paper 7855
    • Kaminsky, G.1    Lyons, R.2    Schmukler, S.3
  • 99
    • 0031256734 scopus 로고    scopus 로고
    • Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan
    • Kang J., and Stulz R.M. Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics 46 (1997) 3-28
    • (1997) Journal of Financial Economics , vol.46 , pp. 3-28
    • Kang, J.1    Stulz, R.M.2
  • 100
    • 0003365819 scopus 로고    scopus 로고
    • Why do companies list shares abroad? A survey of the evidence and its managerial implications
    • Karolyi A. Why do companies list shares abroad? A survey of the evidence and its managerial implications. Financial Markets, Institutions, and Instruments 7 (1998) 1-60
    • (1998) Financial Markets, Institutions, and Instruments , vol.7 , pp. 1-60
    • Karolyi, A.1
  • 101
    • 0036741776 scopus 로고    scopus 로고
    • Did the Asian financial crisis scare foreign investors out of Japan?
    • Karolyi G.A. Did the Asian financial crisis scare foreign investors out of Japan?. Pacific Basin Finance Journal 10 (2002) 411-442
    • (2002) Pacific Basin Finance Journal , vol.10 , pp. 411-442
    • Karolyi, G.A.1
  • 102
    • 0010798257 scopus 로고    scopus 로고
    • Why do markets move together? An investigation of U.S.-Japan stock return comovements
    • Karolyi G.A., and Stulz R.M. Why do markets move together? An investigation of U.S.-Japan stock return comovements. Journal of Finance 51 (1996) 951-986
    • (1996) Journal of Finance , vol.51 , pp. 951-986
    • Karolyi, G.A.1    Stulz, R.M.2
  • 103
    • 0031498263 scopus 로고    scopus 로고
    • Transactions costs and investment style: an interexchange analysis of institutional equity trades
    • Keim D., and Madhavan A. Transactions costs and investment style: an interexchange analysis of institutional equity trades. Journal of Financial Economics 46 (1997) 265-292
    • (1997) Journal of Financial Economics , vol.46 , pp. 265-292
    • Keim, D.1    Madhavan, A.2
  • 104
    • 0036131943 scopus 로고    scopus 로고
    • Foreign portfolio investors before and during a crisis
    • Kim W., and Wei S.-J. Foreign portfolio investors before and during a crisis. Journal of International Economics 56 (2002) 77-96
    • (2002) Journal of International Economics , vol.56 , pp. 77-96
    • Kim, W.1    Wei, S.-J.2
  • 106
    • 0003151378 scopus 로고
    • Transmission of volatility between stock markets
    • King M., and Wadhwani S. Transmission of volatility between stock markets. Review of Financial Studies 3 (1990) 5-33
    • (1990) Review of Financial Studies , vol.3 , pp. 5-33
    • King, M.1    Wadhwani, S.2
  • 107
    • 84992529786 scopus 로고
    • Volatility and links between national stock markets
    • King M., Sentana E., and Wadhwani S. Volatility and links between national stock markets. Econometrica 62 (1994) 901-933
    • (1994) Econometrica , vol.62 , pp. 901-933
    • King, M.1    Sentana, E.2    Wadhwani, S.3
  • 108
    • 0000113873 scopus 로고
    • An empirical investigation of international asset pricing
    • Korajczyk R.A., and Viallet C.J. An empirical investigation of international asset pricing. Review of Financial Studies 2 (1989) 553-586
    • (1989) Review of Financial Studies , vol.2 , pp. 553-586
    • Korajczyk, R.A.1    Viallet, C.J.2
  • 109
    • 0011572744 scopus 로고
    • Consumption preferences, asset demands, and distribution effects in international financial markets
    • NBER, Cambridge, MA
    • Krugman P. Consumption preferences, asset demands, and distribution effects in international financial markets. NBER Working Paper 651 (1981), NBER, Cambridge, MA
    • (1981) NBER Working Paper 651
    • Krugman, P.1
  • 110
    • 0002388092 scopus 로고    scopus 로고
    • Saving Asia: it's time to get radical
    • September 7
    • Krugman P. Saving Asia: it's time to get radical. Fortune (1998) September 7
    • (1998) Fortune
    • Krugman, P.1
  • 111
    • 0001582485 scopus 로고    scopus 로고
    • Trying to explain home bias in equities and consumption
    • Lewis K.K. Trying to explain home bias in equities and consumption. Journal of Economic Literature 37 (1999) 571-608
    • (1999) Journal of Economic Literature , vol.37 , pp. 571-608
    • Lewis, K.K.1
  • 112
    • 66049131059 scopus 로고    scopus 로고
    • Home bias in equities: an investor perspective
    • University of British Columbia, Vancouver, BC
    • Li K. Home bias in equities: an investor perspective. UBC Working Paper (2001), University of British Columbia, Vancouver, BC
    • (2001) UBC Working Paper
    • Li, K.1
  • 113
    • 0000264314 scopus 로고
    • Do bulls and bears move across borders? International transmission of stock returns and volatility
    • Lin W., Engle R., and Ito T. Do bulls and bears move across borders? International transmission of stock returns and volatility. Review of Financial Studies 7 (1994) 507-538
    • (1994) Review of Financial Studies , vol.7 , pp. 507-538
    • Lin, W.1    Engle, R.2    Ito, T.3
  • 114
    • 0002525307 scopus 로고
    • Is the correlation in international equity returns constant: 1970-1990?
    • Longin F., and Solnik B. Is the correlation in international equity returns constant: 1970-1990?. Journal of International Money and Finance 14 (1995) 3-26
    • (1995) Journal of International Money and Finance , vol.14 , pp. 3-26
    • Longin, F.1    Solnik, B.2
  • 115
    • 0009662024 scopus 로고    scopus 로고
    • Extreme correlation of international equity markets
    • Longin F., and Solnik B. Extreme correlation of international equity markets. Journal of Finance 56 (2001) 649-676
    • (2001) Journal of Finance , vol.56 , pp. 649-676
    • Longin, F.1    Solnik, B.2
  • 116
    • 0013148655 scopus 로고
    • Interest rates and currency prices in a two-country world
    • Lucas Jr. R. Interest rates and currency prices in a two-country world. Journal of Monetary Economics 10 (1982) 335-360
    • (1982) Journal of Monetary Economics , vol.10 , pp. 335-360
    • Lucas Jr., R.1
  • 117
    • 0009079604 scopus 로고
    • Time-varying betas and risk premia in the pricing of forward foreign exchange contracts
    • Mark N. Time-varying betas and risk premia in the pricing of forward foreign exchange contracts. Journal of Financial Economics 22 (1988) 335-354
    • (1988) Journal of Financial Economics , vol.22 , pp. 335-354
    • Mark, N.1
  • 118
    • 0013312230 scopus 로고
    • Nonmarketable assets and the determination of capital asset prices in the absence of a riskless asset
    • Mayers D. Nonmarketable assets and the determination of capital asset prices in the absence of a riskless asset. Journal of Business 46 (1973) 258-267
    • (1973) Journal of Business , vol.46 , pp. 258-267
    • Mayers, D.1
  • 119
    • 0011428033 scopus 로고
    • Evidence of risk premiums in foreign currency futures markets
    • McCurdy T., and Morgan I. Evidence of risk premiums in foreign currency futures markets. Review of Financial Studies 5 (1992) 65-84
    • (1992) Review of Financial Studies , vol.5 , pp. 65-84
    • McCurdy, T.1    Morgan, I.2
  • 120
    • 0001738730 scopus 로고
    • An intertemporal capital asset pricing model
    • Merton R.C. An intertemporal capital asset pricing model. Econometrica 41 (1973) 867-888
    • (1973) Econometrica , vol.41 , pp. 867-888
    • Merton, R.C.1
  • 121
    • 85025724501 scopus 로고
    • On estimating the expected return on the market: an exploratory investigation
    • Merton R.C. On estimating the expected return on the market: an exploratory investigation. Journal of Financial Economics 8 (1980) 323-361
    • (1980) Journal of Financial Economics , vol.8 , pp. 323-361
    • Merton, R.C.1
  • 122
    • 84977707554 scopus 로고
    • Presidential address: a simple model of capital market equilibrium with incomplete information
    • Merton R.C. Presidential address: a simple model of capital market equilibrium with incomplete information. Journal of Finance 42 (1987) 483-510
    • (1987) Journal of Finance , vol.42 , pp. 483-510
    • Merton, R.C.1
  • 123
    • 0042042166 scopus 로고    scopus 로고
    • The market reaction to international cross-listing: evidence from depositary receipts
    • Miller D. The market reaction to international cross-listing: evidence from depositary receipts. Journal of Financial Economics 51 (1999) 103-123
    • (1999) Journal of Financial Economics , vol.51 , pp. 103-123
    • Miller, D.1
  • 124
    • 84993915044 scopus 로고
    • Additional evidence on integration in the Canadian stock market
    • Mittoo U. Additional evidence on integration in the Canadian stock market. Journal of Finance 47 (1992) 2035-2054
    • (1992) Journal of Finance , vol.47 , pp. 2035-2054
    • Mittoo, U.1
  • 125
    • 66049114347 scopus 로고    scopus 로고
    • Capital flows in the 1990s before and after the Asian crisis
    • International Monetary Fund, Washington, DC
    • Mussa M., and Richards A. Capital flows in the 1990s before and after the Asian crisis. Research Department Working Paper (1999), International Monetary Fund, Washington, DC
    • (1999) Research Department Working Paper
    • Mussa, M.1    Richards, A.2
  • 126
    • 0034165316 scopus 로고    scopus 로고
    • Volatility spillover effects from Japan and the US to the pacific-basin
    • Ng A. Volatility spillover effects from Japan and the US to the pacific-basin. Journal of International Money and Finance 19 (2000) 207-233
    • (2000) Journal of International Money and Finance , vol.19 , pp. 207-233
    • Ng, A.1
  • 128
    • 0038957681 scopus 로고    scopus 로고
    • Portfolio selection and asset pricing models
    • Pastor L. Portfolio selection and asset pricing models. Journal of Finance 55 (2000) 179-223
    • (2000) Journal of Finance , vol.55 , pp. 179-223
    • Pastor, L.1
  • 129
    • 0001974370 scopus 로고
    • The free lunch in currency hedging: implications for investment policy and performance standards
    • Perold A.F., and Schulman E.C. The free lunch in currency hedging: implications for investment policy and performance standards. Financial Analyst Journal 44 (1988) 45-52
    • (1988) Financial Analyst Journal , vol.44 , pp. 45-52
    • Perold, A.F.1    Schulman, E.C.2
  • 131
    • 0003265677 scopus 로고    scopus 로고
    • The onset of the East Asian financial crisis
    • Harvard Institute for Economic Development, Cambridge, MA
    • Radelet S., and Sachs J. The onset of the East Asian financial crisis. Working Paper (1998), Harvard Institute for Economic Development, Cambridge, MA
    • (1998) Working Paper
    • Radelet, S.1    Sachs, J.2
  • 132
    • 84977714155 scopus 로고
    • Industrial structure and the comparative behavior of international stock market indexes
    • Roll R. Industrial structure and the comparative behavior of international stock market indexes. Journal of Finance 47 (1992) 3-42
    • (1992) Journal of Finance , vol.47 , pp. 3-42
    • Roll, R.1
  • 133
    • 0012584954 scopus 로고    scopus 로고
    • Local return factors and turnover in emerging stock markets
    • Rouwenhorst K.G. Local return factors and turnover in emerging stock markets. Journal of Finance 54 (1999) 1439-1464
    • (1999) Journal of Finance , vol.54 , pp. 1439-1464
    • Rouwenhorst, K.G.1
  • 134
    • 0030518524 scopus 로고    scopus 로고
    • Financial crises in emerging markets: the lessons from 1995
    • Sachs J.D., Tornell A., and Velasco A. Financial crises in emerging markets: the lessons from 1995. Brookings Papers 27 (1996) 147-199
    • (1996) Brookings Papers , vol.27 , pp. 147-199
    • Sachs, J.D.1    Tornell, A.2    Velasco, A.3
  • 135
    • 66049089859 scopus 로고    scopus 로고
    • Purchasing power parity and the real exchange rate
    • CEPR, London
    • Sarno L., and Taylor M.P. Purchasing power parity and the real exchange rate. CEPR Discussion Paper 2913 (2001), CEPR, London
    • (2001) CEPR Discussion Paper 2913
    • Sarno, L.1    Taylor, M.P.2
  • 136
    • 0344895736 scopus 로고    scopus 로고
    • Smart foreign traders in emerging markets
    • University of California at Berkeley, Berkeley, CA
    • Seasholes M. Smart foreign traders in emerging markets. Working Paper (2000), University of California at Berkeley, Berkeley, CA
    • (2000) Working Paper
    • Seasholes, M.1
  • 137
    • 0002823941 scopus 로고
    • A generalization of the international asset pricing model
    • Sercu P. A generalization of the international asset pricing model. Revue de l'Association FranÇaise de Finance 1 (1980) 91-135
    • (1980) Revue de l'Association FranÇaise de Finance , vol.1 , pp. 91-135
    • Sercu, P.1
  • 138
    • 0030525471 scopus 로고    scopus 로고
    • Why did the Nikkei crash? Expanding the scope of expectations data collection
    • Shiller R.J., Kon-Ya F., and Tsutsui Y. Why did the Nikkei crash? Expanding the scope of expectations data collection. Review of Economics and Statistics 78 (1996) 156-164
    • (1996) Review of Economics and Statistics , vol.78 , pp. 156-164
    • Shiller, R.J.1    Kon-Ya, F.2    Tsutsui, Y.3
  • 139
    • 0038393212 scopus 로고
    • Do locals perform better than foreigners? an analysis of UK and US mutual fund managers
    • Shukla R.K., and van Inwegen G.B. Do locals perform better than foreigners? an analysis of UK and US mutual fund managers. Journal of Economics and Business 47 (1995) 241-254
    • (1995) Journal of Economics and Business , vol.47 , pp. 241-254
    • Shukla, R.K.1    van Inwegen, G.B.2
  • 140
    • 84959793026 scopus 로고
    • Risk, interest, and forward exchange
    • Siegel J.J. Risk, interest, and forward exchange. Quarterly Journal of Economics 86 (1972) 303-309
    • (1972) Quarterly Journal of Economics , vol.86 , pp. 303-309
    • Siegel, J.J.1
  • 141
    • 49549151896 scopus 로고
    • An equilibrium model of the international capital market
    • Solnik B. An equilibrium model of the international capital market. Journal of Economic Theory 8 (1974) 500-524
    • (1974) Journal of Economic Theory , vol.8 , pp. 500-524
    • Solnik, B.1
  • 142
    • 0001648896 scopus 로고
    • International arbitrage pricing
    • Solnik B. International arbitrage pricing. Journal of Finance 38 (1983) 449-457
    • (1983) Journal of Finance , vol.38 , pp. 449-457
    • Solnik, B.1
  • 143
    • 84982682355 scopus 로고
    • Currency hedging and Siegel's paradox: on Black's universal hedging rule
    • Solnik B. Currency hedging and Siegel's paradox: on Black's universal hedging rule. Review of International Economics 1 (1993) 180-187
    • (1993) Review of International Economics , vol.1 , pp. 180-187
    • Solnik, B.1
  • 144
    • 0001390304 scopus 로고
    • An empirical test of the alternative hypotheses of national and international pricing of risky assets
    • Stehle R. An empirical test of the alternative hypotheses of national and international pricing of risky assets. Journal of Finance 32 (1977) 493-502
    • (1977) Journal of Finance , vol.32 , pp. 493-502
    • Stehle, R.1
  • 145
    • 0003221645 scopus 로고    scopus 로고
    • Boats, planes and capital flows
    • March 25
    • Stiglitz J. Boats, planes and capital flows. Financial Times (1998) March 25
    • (1998) Financial Times
    • Stiglitz, J.1
  • 146
    • 34249011954 scopus 로고
    • A model of international asset pricing
    • Stulz R.M. A model of international asset pricing. Journal of Financial Economics 9 (1981) 383-406
    • (1981) Journal of Financial Economics , vol.9 , pp. 383-406
    • Stulz, R.M.1
  • 147
    • 84977410476 scopus 로고
    • On effects of barriers to international investment
    • Stulz R.M. On effects of barriers to international investment. Journal of Finance 36 (1981) 923-934
    • (1981) Journal of Finance , vol.36 , pp. 923-934
    • Stulz, R.M.1
  • 149
    • 84928457758 scopus 로고
    • An equilibrium model of exchange rate determination and asset pricing with non-traded goods
    • Stulz R.M. An equilibrium model of exchange rate determination and asset pricing with non-traded goods. Journal of Political Economy 95 (1987) 1024-1040
    • (1987) Journal of Political Economy , vol.95 , pp. 1024-1040
    • Stulz, R.M.1
  • 150
    • 0002066835 scopus 로고
    • The cost of capital in internationally integrated markets: the case of Nestlé
    • Stulz R.M. The cost of capital in internationally integrated markets: the case of Nestlé. European Financial Management 1 (1995) 11-22
    • (1995) European Financial Management , vol.1 , pp. 11-22
    • Stulz, R.M.1
  • 151
    • 0002960368 scopus 로고    scopus 로고
    • International portfolio flows and security markets
    • Feldstein M. (Ed), University of Chicago Press, Chicago, IL
    • Stulz R.M. International portfolio flows and security markets. In: Feldstein M. (Ed). International Capital Flows (1999), University of Chicago Press, Chicago, IL 257-293
    • (1999) International Capital Flows , pp. 257-293
    • Stulz, R.M.1
  • 152
    • 0002385291 scopus 로고
    • Foreign equity investment restrictions, capital flight, and shareholder wealth maximization: theory and evidence
    • Stulz R.M., and Wasserfallen W. Foreign equity investment restrictions, capital flight, and shareholder wealth maximization: theory and evidence. Review of Financial Studies 8 (1995) 1019-1057
    • (1995) Review of Financial Studies , vol.8 , pp. 1019-1057
    • Stulz, R.M.1    Wasserfallen, W.2
  • 153
    • 0001778064 scopus 로고
    • Currency prices, terms of trade, and interest rates: a general equilibrium asset-pricing cash-in-advance approach
    • Svensson L.E.O. Currency prices, terms of trade, and interest rates: a general equilibrium asset-pricing cash-in-advance approach. Journal of International Economics 18 (1985) 17-42
    • (1985) Journal of International Economics , vol.18 , pp. 17-42
    • Svensson, L.E.O.1
  • 154
    • 0001921667 scopus 로고
    • International equity transactions and U.S. portfolio choice
    • Frankel J. (Ed), University of Chicago Press, Chicago, IL
    • Tesar L., and Werner I. International equity transactions and U.S. portfolio choice. In: Frankel J. (Ed). Internationalization of Equity Markets, NBER Project Report (1994), University of Chicago Press, Chicago, IL 185-216
    • (1994) Internationalization of Equity Markets, NBER Project Report , pp. 185-216
    • Tesar, L.1    Werner, I.2
  • 156
    • 84993917301 scopus 로고
    • A general equilibrium model of international portfolio choice
    • Uppal R. A general equilibrium model of international portfolio choice. Journal of Finance 48 (1993) 529-553
    • (1993) Journal of Finance , vol.48 , pp. 529-553
    • Uppal, R.1
  • 157
    • 0001273817 scopus 로고
    • Aggregate mutual fund flows and security returns
    • Warther V.A. Aggregate mutual fund flows and security returns. Journal of Financial Economics 39 (1995) 209-235
    • (1995) Journal of Financial Economics , vol.39 , pp. 209-235
    • Warther, V.A.1
  • 158
    • 45549120815 scopus 로고
    • Some tests of international equity market integration
    • Wheatley S. Some tests of international equity market integration. Journal of Financial Economics 21 (1988) 177-212
    • (1988) Journal of Financial Economics , vol.21 , pp. 177-212
    • Wheatley, S.1
  • 159
    • 66049142906 scopus 로고    scopus 로고
    • Specification tests of asset pricing models in international markets
    • Columbia University, New York
    • Zhang X. Specification tests of asset pricing models in international markets. Working Paper (2001), Columbia University, New York
    • (2001) Working Paper
    • Zhang, X.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.