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《對(duì)外直接投資和對(duì)外證券投資 - foreign direct investment and foreign portfolio investment》由會(huì)員上傳分享，免費(fèi)在線(xiàn)閱讀，更多相關(guān)內(nèi)容在教育資源-天天文庫(kù)。
1、SystemicLiquidityandtheCompositionofForeignInvestment: TheoryandEmpiricalEvidenceTheoryandEmpiricsbyItayGoldstein,AssafRazin,andHuiTongFebruary2007ThekeypredictionofthemodelisthatcountriesthathaveahighprobabilityofanaggregateliquiditycrisiswillbethesourceofmoreF
2、PIandlessFDI.Theintuitionisthatastheprobabilityofanaggregateliquidityshockincreases,agentsknowthattheyaremorelikelytoneedtoselltheinvestmentearly,inwhichcase,iftheyholdFDI,theywillgetalowpricesincebuyersdonotknowwhethertheysellbecauseofanindividualliquidityneedo
3、rbecauseofadverseinformationontheproductivityoftheinvestment.Asaresult,theattractivenessofFDIdecreases,andtheratioofFPItoFDIincreases.“Imaginealargecompanythathasmanyrelativelysmallshareholders.Then,eachshareholderfacesthefollowingwell-knownfree-riderproblem:ift
4、heshareholderdoessomethingtoimprovethequalityofmanagement,thenthebenefitswillbeenjoyedbyallshareholders.Unlesstheshareholderisaltruistic,shewillignorethisbeneficialeffectonothershareholdersandsowillunder-investintheactivityofmonitoringorimprovingmanagement.”O(jiān)liv
5、erHart.TheEfficiencyAdvantageTheDisadvantage:APrematureLiquidationHowever,wheninvestorswanttoselltheirinvestmentprematurely,becauseofaliquidityshock,theywillgetlowerpriceiftheyareconceivedbythebuyertohavemoreinformation.Because,otherinvestorsknowThatthesellerhas
6、informationontheFundamentalsandsuspectThatthesalesresultfrombadprospectsoftheprojectRatherthanliquidityshortage.LiquidityShocksandResaleValuesThreeperiods:0,1,2;ProjectisinitiallysoldinPeriod0andmaturesinPeriod2.ProductionfunctionDistributionFunctionProductionFu
7、nction:SpecialFormInPeriod1,aftertherealizationoftheproductivityshock,Themanagerobservestheproductivityparameter.Thus,iftheownerownstheassetasaDirectInvestor,thechosenlevelofKis:ExpectedReturnInPeriod1,aftertherealizationoftheproductivityshock,Themanagerobserves
8、theproductivityparameter.Thus,iftheownerownstheassetasaDirectInvestor,thechosenlevelofKis:ExpectedReturnLiquidityShocksandResaleValuesThreeperiods:0,1,2;Projectisinit
