We identify new country characteristics that influence cross-border equity flows: income inequality, autocracy, and sovereign wealth funds. Using 149 source countries and 34 Organisation for Economic Co-operation and Development (OECD) host countries for 2002–2013, we find that OECD host countries receive higher foreign portfolio investment (FPI) inflows from source countries with high income inequality and source countries with a sovereign wealth fund, but lower inflows from autocratic source countries. We argue that concentrated wealth in a society, overseas investments for the benefit of future generations, and political regimes influence FPI. These variables have been understudied though they provide valuable indicators for policy makers and investors. We supplement our core analysis with realistic interactions between these new variables and with the increasing importance of tax havens. Our results hold throughout a variety of robustness checks.

中文翻译：

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不平等、专制和主权基金作为外国投资组合股权流动的决定因素

我们确定了影响跨境股权流动的新国家特征：收入不平等、专制和主权财富基金。使用 2002-2013 年 149 个来源国和 34 个经济合作与发展组织 (OECD) 东道国，我们发现 OECD 东道国从收入不平等程度高的来源国和收入不平等的来源国获得了更高的外国证券投资 (FPI)主权财富基金，但来自专制来源国的资金流入较少。我们认为社会中财富的集中、为子孙后代的利益进行的海外投资以及政治制度都会影响 FPI。这些变量虽然为政策制定者和投资者提供了有价值的指标，但尚未得到充分研究。我们用这些新变量之间的实际相互作用以及避税天堂的重要性日益增加来补充我们的核心分析。我们的结果适用于各种稳健性检查。