Tekijä: | Fang, H. |
Otsikko: | Foreign investment barriers and international asset pricing. |
Lehti: | Journal of Business Finance and Accounting
1991 : JUN, VOL. 18:4, p. 531-540 |
Asiasana: | FOREIGN INVESTMENT NON-TARIFF BARRIERS INTERNATIONAL CAPITAL MOVEMENTS |
Kieli: | eng |
Tiivistelmä: | Given the variety of barriers to international investments, it is important to model and test these barriers in a catch - all manner. The purpose is to distinguish the individual impact of each investment barrier on international asset pricing using the international Arbitrage Pricing Theory. The investment barriers are classified as indirect barriers and legal barriers. Comparing the returns of USA blocks traded on the London market during the periods before and after the abolishment of the control policy, it was demonstrated that British investors needed a higher required return, 0,68 percent per month, to compensate for the legal barriers and 0,16 percent per month, to cover the indirect barriers. |
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