Anti-dumping policies, as one of the most important nontariff measures to protect a country's economic interests, can have an impact not only on a country's trade and social welfare, but also on capital flows. Anti-dumping measures can result in increased trade costs and alterations to exchange rate risk. This study investigates the impact of anti-dumping sanctions on the international portfolio allocations of global funds. Antidumping policies can decrease the proportion of a fund's investment portfolio allocated to recently-sanctioned countries. Closer trade ties between the sanctioned country and the country where a fund is domiciled exacerbate the divestiture, but stronger foreign direct investment links weaken the negative association. Some country and fund heterogeneities are also discussed. We find that more developed countries are less affected by the impact of anti-dumping measures on equity fund allocations; liberalization of the economy and stable government could also mitigate the negative impact of anti-dumping sanctions. High-risk funds, such as growth funds or funds that invest in leveraged buyouts, showed the greatest response to changes in anti-dumping regulations.

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反倾销政策和国际投资组合分配：来自全球基金的观点

反倾销政策作为保护一国经济利益的最重要的非关税措施之一，不仅会影响一国的贸易和社会福利，还会影响资本流动。反倾销措施可能导致贸易成本增加和汇率风险的改变。本研究调查了反倾销制裁对全球基金国际投资组合配置的影响。反倾销政策可以降低分配给最近受制裁国家的基金投资组合的比例。受制裁国家与基金所在国之间更紧密的贸易联系加剧了资产剥离，但更紧密的外国直接投资联系削弱了负面关联。还讨论了一些国家和基金的异质性。我们发现，较发达国家受反倾销措施对股票基金配置的影响较小；经济自由化和稳定的政府也可以减轻反倾销制裁的负面影响。高风险基金，如成长基金或投资于杠杆收购的基金，对反倾销法规的变化反应最强烈。