韩国央行：2025年新兴市场的投资巨头报告（英文版）

A small group of large institutional investors (investment giants) takes the lion’s share of cross-border equity flows into emerging markets. This paper examines their behavior and market impact through a theoretical framework in which investors consider both market fundamentals and aggregate behavior. In equilibrium, a single investment giant moves first, setting market direction and providing information to a continuum of typical investors. Compared to a simultaneous-move strategy, this dir