Foreign Speculators and Emerging Equity Markets

  title={Foreign Speculators and Emerging Equity Markets},
  author={Geert Bekaert and Campbell R. Harvey},
We propose a cross-sectional time-series model to assess the impact of market liberalizations in emerging equity markets on the cost of capital, volatility, beta, and correlation with world market returns. Liberalizations are defined by regulatory changes, the introduction of depositary receipts and country funds, and structural breaks in equity capital flows to the emerging markets. We control for other economic events that might confound the impact of foreign speculators on local equity… CONTINUE READING

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