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Foreign Institutional Investment, Ownership And Liquidity: Real And Information Frictions, Mingfa Ding, Birger Nilsson, Sandy Suardi
Foreign Institutional Investment, Ownership And Liquidity: Real And Information Frictions, Mingfa Ding, Birger Nilsson, Sandy Suardi
Faculty of Business - Papers (Archive)
The literature widely documents the negative liquidity impact of foreign participation in firms that permit high foreign institutional ownership. This paper employs a unique setting for the limited participation of qualified foreign institutional investors (QFII) in China’s A-share market and examines how this impacts on stock liquidity in emerging markets. Contrary to the findings in the literature, foreign investor participation helps enhance the liquidity of affected stocks by promoting trade activities and price discovery. The improvement in liquidity does not occur through the information friction channel, but rather the real friction channel. Our results are robust to endogeneity issue and …
Progressive Australian Views Will Win Out Over Parochial Foreign Policy White Paper, George Mickhail
Progressive Australian Views Will Win Out Over Parochial Foreign Policy White Paper, George Mickhail
Faculty of Business - Papers (Archive)
No doubt, Australia's parochial anxieties about China in its recent Foreign Policy White Paper stem from a Eurocentric establishment with entrenched "Cold-War" era views about international relations and fantasies about preserving a bygone legacy of Anglo-American hegemony.