Does Geography Still Matter? Evidence on the Portfolio Turnover of Large Equity Investors and Varieties of Capitalism

Economic Geography - Tập 86 Số 1 - Trang 75-98 - 2010
C. Dupuy1, Stéphanie Lavigne2, Dalila Chenaf‐Nicet3
1Université Bordeaux IV Gretha UMR CNRS 5113 Avenue Léon Duguit 33608 Pessac Cédex France [email protected]
2Toulouse Business School University Toulouse, Lereps 20 Bd Lascrosses BP 7010 31068 Toulouse Cédex 7 France [email protected]
3Université Bordeaux IV Gretha UMR CNRS 5113 Avenue Léon Duguit 33608 Pessac Cédex France [email protected]

Tóm tắt

abstractThis article investigates the geography of finance through a study of the behavior of large equity investors who are key actors in capitalism. The main argument is based on their expectations in “finance‐driven” capitalism: large equity investors require high returns on invested capital in a shorter time and are said to be impatient. The article focuses on their portfolio turnover in relation to geographic factors and their attachment to a specific model of capitalism. The U.S. “market‐based” model is presented as a benchmark, since U.S. investors trade securities most frequently relative to other international equity investors. Our empirical findings on the proximity of investors in various models of capitalism with U.S. “impatient” investors contribute to a growing literature on the economic importance of geography in understanding global finance.

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Thông tin xuất bản

Economic Geography

Tập 86 Số 1

75-98

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