Title: On the Effects of Barriers to International Investment
Abstract:The Journal of FinanceVolume 36, Issue 4 p. 923-934 Article On the Effects of Barriers to International Investment RENÉ M. STULZ, RENÉ M. STULZ University of Rochester Graduate School of Management, 1...The Journal of FinanceVolume 36, Issue 4 p. 923-934 Article On the Effects of Barriers to International Investment RENÉ M. STULZ, RENÉ M. STULZ University of Rochester Graduate School of Management, 14627 Rochester, New York I am grateful to Fischer Black, Stanley Fischer, Donald Lessard, Fred Phillips-Patrick, Patricia Reagan, Clifford Smith, and Lee Wakeman for useful discussions and comments. I thank Michael Adler and the Editor for useful advice. I acknowledge generous financial help from the Swiss National Research Fund.Search for more papers by this author RENÉ M. STULZ, RENÉ M. STULZ University of Rochester Graduate School of Management, 14627 Rochester, New York I am grateful to Fischer Black, Stanley Fischer, Donald Lessard, Fred Phillips-Patrick, Patricia Reagan, Clifford Smith, and Lee Wakeman for useful discussions and comments. I thank Michael Adler and the Editor for useful advice. I acknowledge generous financial help from the Swiss National Research Fund.Search for more papers by this author First published: September 1981 https://doi.org/10.1111/j.1540-6261.1981.tb04893.xCitations: 310 The University of Rochester Graduate School of Management, Rochester, New York 14627. Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL ABSTRACT A simple model is presented in which it is costly for domestic investors to hold foreign assets. The implications of the model for the composition of optimal portfolios at home and abroad are derived. It is shown that all foreign assets with a beta larger than some beta β * plot on either one of two security market lines. Some foreign assets with a beta smaller than β * are not held by domestic investors even if their expected return is increased slightly. Citing Literature Volume36, Issue4September 1981Pages 923-934 RelatedInformationRead More
Publication Year: 1981
Publication Date: 1981-09-01
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 176
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