U.S. Investors’ Response to Philippine Capital Market Liberalization: Evidence from the First Philippine Fund

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Publication Code

JPD 1998 Vol. XXV No. 2-b

DOI

https://doi.org/10.62986/pjd1998.25.2b

Author(s)

Unite, Angelo A.

Beveridge, Steve

Keywords

capital markets

liberalization

investment

Focus Area(s)

No Data

Abstract

This paper investigates the impact of liberalization of international investment restrictions in the Philippines on the discounts of the First Philippine Fund (FPF) closed-end country fund. In particular, it investigates whether such restrictions are binding and how U.S. investors see the announced relaxation of restrictions. The overall results suggest evidence supporting the hypothesis that changes in the FPF’s discounts are associated with the announcements of changes in restrictions in international investment.

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1998-10-01

Volume 25, Number 2

June 1, 1998

Date Published

The Philippine Journal of Development (PJD) is a multidisciplinary, peer-reviewed journal published biannually by the Philippine Institute for Development Studies (PIDS). It serves as a platform for disseminating policy-oriented research on development issues, including the economy, business, public administration, foreign relations, sociology, and political dynamics. The PJD is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

P-ISSN 2508-0954 • E-ISSN 2508-0849 • https://doi.org/10.62986/pjd

U.S. Investors’ Response to Philippine Capital Market Liberalization: Evidence from the First Philippine Fund

Abstract

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Full Issue

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