Gravity and culture in foreign portfolio investment

Raj Aggarwal, Colm Kearney, Brian Lucey

Research output: Contribution to journalArticlepeer-review

99 Citations (Scopus)


Using panel regression estimates from the IMF’s CPIS survey of foreign debt and equity portfolios across 174 originating and 50 destination countries from 2001 to 2007, we clarify the role of culture and extend the set of cultural variables that have been investigated in gravity models of foreign portfolio investment (FPI).
Original languageEnglish
Pages (from-to)525–538
Number of pages14
JournalJournal of Banking and Finance
Issue number2
Publication statusPublished - Feb 2012


  • banking
  • finance
  • foreign portfolio investment


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