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How does FX liquidity affect the relationship between foreign ownership and stock liquidity?

机译：外汇流动性如何影响外国所有权和股票流动性之间的关系？

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摘要

This study investigates the roles foreign investors play in a representative emerging market, focusing on the relationship between foreign ownership and stock market liquidity as well as this relationship's response to foreign exchange (FX) liquidity. Our analyses yield three main results. First, the bid ask spread and price impact of stock trades decrease along with foreign ownership, supporting the view that foreign investors tend to improve stock liquidity. Second, foreign ownership decreases along with a decline in FX liquidity, suggesting that foreign investors care about FX liquidity when determining their stock holdings. Third, stock liquidity increases continuously along with foreign ownership as FX liquidity decreases. Overall, this study's evidence indicates that foreign investors, as liquidity providers, can play a positive role in an emerging economy even when FX liquidity declines.
机译：这项研究调查了外国投资者在具有代表性的新兴市场中所扮演的角色，重点研究了外国所有权与股票市场流动性之间的关系，以及这种关系对外汇流动性的反应。我们的分析得出三个主要结果。首先，要约价差和股票交易的价格影响随着外国所有权的减少而下降，这支持了外国投资者倾向于改善股票流动性的观点。其次，外国所有权随着外汇流动性的下降而减少，这表明外国投资者在确定其持股量时会考虑外汇流动性。第三，随着外汇流动性的减少，股票流动性与外国所有权一起持续增加。总体而言，这项研究的证据表明，即使外汇流动性下降，作为流动性提供者的外国投资者也可以在新兴经济中发挥积极作用。

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