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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 陳思寬 | |
dc.contributor.author | Cheng-Da Yuan | en |
dc.contributor.author | 袁正達 | zh_TW |
dc.date.accessioned | 2021-05-17T10:18:13Z | - |
dc.date.available | 2015-06-29 | |
dc.date.available | 2021-05-17T10:18:13Z | - |
dc.date.copyright | 2012-06-29 | |
dc.date.issued | 2011 | |
dc.date.submitted | 2012-06-01 | |
dc.identifier.citation | Aggarwal, R., Kearney, C. and Lucey, B.M. (2011). Gravity and culture in foreign portfolio investment. Journal of Banking and Finance, forthcoming.
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Journal of Banking and Finance, forthcoming. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/7078 | - |
dc.description.abstract | 本博士論文主要二篇有關文化特徵與國家治理如何影響海外投資組合的文章所組成,其中我們也探討了資訊網路在跨國投資行為裡的角色。第一篇文章探討不同的文化特徵如何影響跨國投資行為?並透過引力模型的建置以了解國家文化的特性以及文化距離等因素是否會影響海外投資組合的持有。模型的實證結果發現,不同構面的文化因子不僅對於投資組合有顯著的影響,並且兩國之間的文化距離愈遠,過度投資在母國的現象就愈形嚴重。另外,資訊距離的落差更會進一步擴大文化距離,使得資訊不對稱與交易成本的提高,間接導致跨國之間的投資更形困難。因此,無法達到最佳化的資產配置與分散風險的效果。
第二篇文章主要探討國家治理的概念與資訊滲透的程度對跨國投資的影響。實證結果發現,擁有較佳治理機制的國家能夠吸引較多的國外投資,能夠降低過度投資在母國的現象。另外,更發現國家治理穩定且擁有高度通訊網絡的國家,可更進一步吸引外國投資並使得本國投資者更易於持有海外資產,以分散投資組合的風險。該結果說明資訊滲透的程度可以加強國家治理的力量,並使得投資組合更國際化,能降低過度投資在本國的偏誤。因此,國家應該致力於建立更透明、有效率的國家治理機制,並建設普及化的網路通訊設施來有效地分散資產投資組合的風險。 | zh_TW |
dc.description.abstract | The Ph. D. dissertation is a collection of two essays on equity home bias, national culture characteristics and information technology. Chapter 1 addresses the role of national culture played in the cross-border investment. We first investigate the effects of various culture dimensions on foreign portfolio investment constructing gravity model. Our evidence indicates that various culture characteristics exert different impact on foreign portfolio holdings. We also incorporate cultural distance and it’s interaction with information distance to home bias. The empirical result suggests that culture distance have significant positive effect on equity home bias. Moreover, the information gap between originating country and destination country can increase the culture distance that discourages foreign diversification.
In Chapter 2, we examine the addressed issue of governance regime and information penetration on cross-border investment. The estimated result shows that better regulatory has a negative but insignificant effect on reducing home bias. Nevertheless, we further find that a country with greater governance appears to decrease cross-border investment bias under higher information penetration. This implies that information penetration can moderate the strength of the relationship between governance quality and home bias. The implication is that for a country tries to diversify internationally should devote themselves into developing better governance environment and information infrastructure. | en |
dc.description.provenance | Made available in DSpace on 2021-05-17T10:18:13Z (GMT). No. of bitstreams: 1 ntu-100-D95724009-1.pdf: 576443 bytes, checksum: 40ab7c15fc1149cc70cbc99d47896ee4 (MD5) Previous issue date: 2011 | en |
dc.description.tableofcontents | Table of Contents
Chapter 1 Gravity Analysis on Culture and Information Distance in Home Bias 1.1 Introduction 11 1.2 The Linkage between International Diversification and Culture Characteristics 13 1.3 Data and Methodology 17 1.3.1 Home Bias Measure 17 1.3.2 Model Specification 20 1.4 Panel Estimation Results 22 1.5 Robustness Checks 29 1.6 Concluding Remarks 31 Appendix 1.1 32 Chapter 2 Governance Quality, Information Penetration, and Home Bias 2.1 Introduction 36 2.2 Literature Review 41 2.3 Data and Methodology 43 2.3.1 Measuring the Equity Home Bias 43 2.3.2 Variable Definitions 46 2.3.3 Model Specification 48 2.4. Empirical Results 50 2.5 Robustness Checks 53 2.6 Concluding Remarks 55 References 59 List of Figures Figure 1.1 Home bias for year 2009 17 Figure 2.1 Evolution of home bias and governance quality 38 Figure 2.2 Evolution of home bias and internet penetration 40 List of Tables Table 1.1 Summary statistics 22 Table 1.2 Panel data estimation: the effects of culture characteristics 24 Table 1.3 Panel data estimation: the effects of culture distance 26 Table 1.4 Panel data estimation: the interaction effect 28 Table 1.5 Hauseman-Taylor estimation 30 Table A1.1 Pooled OLS estimation: the effects of culture characteristics 32 Table A1.2 Pooled OLS estimation: the effects of culture distance 33 Table A1.3 Pooled OLS estimation: the interaction effect 34 Table 2.1 Equity Home Bias 2009 45 Table 2.2 Variables’ Definitions and Descriptive Statistics 48 Table 2.3 Panel Estimation with a Fixed Effect for Equity Home Bias 53 | |
dc.language.iso | en | |
dc.title | 文化特徵、國家治理與資訊滲透對國外投資之研究 | zh_TW |
dc.title | The Role of Culture Characteristics, Governance and Information Penetration in Foreign Portfolio Investment | en |
dc.type | Thesis | |
dc.date.schoolyear | 100-2 | |
dc.description.degree | 博士 | |
dc.contributor.oralexamcommittee | 林修葳,張元晨,萬哲鈺,張銘仁 | |
dc.subject.keyword | 母國偏誤,文化特徵,引力模型,國家治理,資訊滲透, | zh_TW |
dc.subject.keyword | home bias,culture characteristics,gravity model,regulatory governance,information penetration, | en |
dc.relation.page | 59 | |
dc.rights.note | 同意授權(全球公開) | |
dc.date.accepted | 2012-06-01 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
顯示於系所單位: | 國際企業學系 |
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