A Study on International Capital Behavior and Inflow Determining Factor--The Case of Emerging Markets in Latin America and Asia

• Main Authors: Yu-Tai Yaung, 楊豫台
• Other Authors: Chin-En Huang
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/86286376137968512932

碩士 === 萬能科技大學 === 經營管理研究所 === 94 === In many research papers for herding behavior of international capital pointed out international capital including herding behavior by theory and experimentation. Many papers apply simple statistic analysis to evidence herding behavior, but neglect back factors of international capital inflow. So, it lack of connection between theory and evidence. We adopted to herding definition of Bikhchndani and Sarma (2001) as basic and all emerging markets in Asia and Latin American in our paper. One the other hand, we add international capital’s autocorrelation variance as a proxy variance of herding behavior in herding’s equation (3.2 and 3.3). We try to explore whether international capital’s behavior include momentum trading or herding behavior and the back factors of international mutual fund inflow. We find high significance between international capital and momentum or herding in emerging markets of totality Asia and Latin American ,even in steady and fluctuant of emerging country. So we continue to explore the back factors of internationalcapital. We find the return of stock variance is high significance in international capital, So the return of stock variance belong to totality variance for emerging country. However, RGDPand interest factors and so on. They are belong to local or individual variance to international capital and we discover when we adopting difference data base can appear difference result in same variance.