The performance of active investment positions in foreign markets

被引：2

作者：

Fedenia, Mark ^{[1
]}

Skiba, Hilla ^{[2
]}

Sokolyk, Tatyana ^{[3
]}

机构：

[1] Univ Wisconsin, Wisconsin Sch Business, 975 Univ Ave, Madison, WI 53706 USA

[2] Colorado State Univ, Dept Finance & Real Estate, 333 Rockwell Hall,1201 Campus Delivery, Ft Collins, CO 80523 USA

[3] Brock Univ, Goodman Sch Business, 1812 Sir Isaac Brock Way, St Catharines, ON L2S 3A1, Canada

来源：

JOURNAL OF INTERNATIONAL BUSINESS STUDIES | 2023年 / 54卷 / 02期

关键词：

cross-cultural research; measurement issues; cultural distance; foreign portfolio investment; global institutions; multinational corporations (MNCs); multinational enterprises (MNEs); information advantage; HOME BIAS; INSTITUTIONAL INVESTORS; INFORMATION IMMOBILITY; PSYCHIC DISTANCE; FUND MANAGER; DIVERSIFICATION; FAMILIARITY; VALUATION; SIZE; LAW;

D O I：

10.1057/s41267-022-00548-0

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We analyze whether cross-national distance between professional money managers and the positions they take in foreign markets affects investment performance. Out of four dimensions of cross-national distance (geography, culture, business climate, and industry), we find that only cultural distance inversely relates to portfolio performance. Investors earn higher returns in culturally similar foreign markets when market conditions in these countries are favorable. Our results show that the culture-based patterns in foreign portfolio allocations are associated with an information advantage and suggest that multinational corporate decisions influenced by culture increase firm value.

引用

页码：285 / 305

页数：21

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