This paper conducts a theoretical and empirical investigation of the pricing (and portfolio)
implications of investment barriers in the context of international capital markets. The …

International asset pricing models suggest that barriers to portfolio flows and availability of
market substitutes affect the degree and time variation of world market integration. We use …

International equity markets are characterized by nonlinear dependence and asymmetries.
We propose a new dynamic asymmetric copula model to capture long-run and short-run …

THIS PAPER INVESTIGATES the existence of monopoly rents associated with international
operations in a market-value theoretic framework. The benefits of international operations …

While theoretical models predict a decrease in the cost of capital from depositary receipt
offerings, the economic benefits of this liberalization have been difficult to quantify, Using a …

Errunza and Senbet [ES, 7] analyze the effects of international operations on the market value
of the firm both at theoretical and empirical levels. The theoretical model, which is largely …

We examine whether portfolios of domestically traded securities can mimic foreign indices
so that investment in assets that trade only abroad is not necessary to exhaust the gains from …

Reform of local capital markets and relaxation of capital controls to attract foreign portfolio
investments (FPIs) has become an integral part of development strategy. The proximity of …

Emerging markets have come of age and should be included in the global opportunity set.
These markets are comparable to many European markets in terms of size, turnover and …

… and allows us to compare our results with Errunza and Losq’s (1985a) results. Consequently,
in conformity with the approach used in Errunza and Losq (1985a), tests are conducted …