International equity portfolio investment and enforcement of insider trading laws: a cross-country analysis

Kwabi, Frank O., Boateng, Agyenim, and Adegbite, Emmanuel (2018) International equity portfolio investment and enforcement of insider trading laws: a cross-country analysis. Review of Quantitative Finance and Accounting. (In Press)

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Abstract

In this study, we examine the effects of stringent insider trading laws’ enforcement, institutions and stock market development on international equity portfolio allocation using data from 44 countries over the period 2001-2015. Our results suggest that stringent insider trading laws and their enforcement exert a positive and significant impact on international portfolio investment allocation. Further analysis indicates that the interaction between a country’s institutional quality, stock market development and enforcement of insider trading laws have a positive and significant effect on international equity portfolio allocation. The findings of this study have implications for the design of portfolio investment trading strategies and contribute to the literature on foreign equity investment decisions.

Item ID: 56606
Item Type: Article (Research - C1)
ISSN: 1573-7179
Keywords: insider trading laws, institutional quality, stock market development, foreign equity portfolio flows
Copyright Information: © Springer Science+Business Media, LLC, part of Springer Nature 2018
Date Deposited: 17 Dec 2018 03:08
FoR Codes: 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150201 Finance @ 100%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9104 Management and Productivity > 910402 Management @ 100%
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