Abstract
Using the International Monetary Funds (IMF) Coordinated Portfolio Investment Survey (CPIS) across 174 originating and 50 destination countries, we apply extreme bounds analysis ((Leamer (1983),Granger and Uhlig (1990) & Salai Martin (1997)) within a gravity framework to examine the interactions between geographic, institutional, cultural and psychic distances in shaping bilateral international portfolio positions throughout the world. We find that while psychic distance always matters, the other concepts are fragile in their contribution to explaining global investments. Our approach and findings have implications for many studies in international business, economics, finance and management.
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