摘要
外国投资者特别是境外机构投资者对新兴市场国家股票市场波动的影响是金融市场开放过程中被关注的首要问题。综观外国投资者特别是机构投资者对新兴市场国家股票市场波动影响的相关研究,发现已有的研究在样本数据选择、资本市场开放界定、波动度量以及计量方法等方面存在差异,得出的结论也不一致。一些文献表明外国投资者降低新兴市场国家股市的波动性,另一些文献则得出相反的结论,还有部分研究没有得出明确的结论。
The impact of foreign investment on domestic stock return volatility is a primary concern during the financial liberalization process. This article reviews the studies on the impact of foreign investment on the emerging stock markets volatility. The existing studies show differences in data, definition of SML, the way of obtaining volatilities and the methodology. The collusions of existing studies are mixed. Some works show that market opening decrease or increase volatility. Other studies find that there are no significant relation between financial liberalization and stock market volatility.
出处
《商丘师范学院学报》
CAS
2012年第2期56-59,共4页
Journal of Shangqiu Normal University
关键词
外国投资者
新兴股票市场
波动性
综述
foreign investors
emerging stock market
volatility
literature review
