Surveys on the link between financial markets and economic growth routinely cite scores of
distinct papers, 1 and yet the abundance of both theoretical and empirical research on the …

We review the international finance literature to assess the extent to which international
factors affect financial asset demands and prices. International asset-pricing models with …

Emerging markets have long posed a challenge for finance. Standard models are often ill
suited to deal with the specific circumstances arising in these markets. However, the interest …

Much has been learned about emerging markets finance over the past 20 years. These
markets have attracted a unique interdisciplinary interest that bridges both investment and …

We propose a monthly measure of the intensity of capital controls across 29 emerging
markets. Our measure, which is based on restrictions on foreign ownership of equities …

Unlike previous studies that examine how emerging market return volatility changes
subsequent to stock market liberalization, this paper investigates the impact of investibility …

More patriotic countries have greater home bias in their equity selection. In a panel of World
Values Surveys covering 53 countries, measures of patriotism are positively related to home …

Abstract Himmelberg, Hubbard, and Love combine the agency theory of the firm with risk
diversification incentives for insiders. Principal-agent problems between insiders and …

We examine the profitability of a broad range of stock selection strategies in 32 emerging
markets over the period 1985–1999. Value, momentum and earnings revisions strategies …

We study the investment behavior of foreign investors in association with an equity market
liberalization, and find a strong link between foreigners' trading and local market returns. In …