Home Bias Revisited
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| Author | : Geert Bekaert |
| Publisher | : |
| Total Pages | : 62 |
| Release | : 2011 |
| Genre | : |
| ISBN | : |
We examine a large number of potential home bias determinants, including some novel ones, using extensive panel data. We distinguish between the actual home bias (over investment in domestic securities) and foreign investment bias, for which we propose a new measure. For foreign investment bias, we also demonstrate how quot;size biasesquot; significantly affect the results. We find that the old empirical results based on the U.S. data alone do not generalize to the panel data set; information and familiarity variables and proxies for the degree of capital market openness play an important role in explaining both home and foreign investment biases.
| Author | : Liudmila Gormina |
| Publisher | : |
| Total Pages | : |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
This paper demonstrates that mutual fund managers are affected by home bias when making the decisions on portfolio allocation, and that the home bias is driven by familiarity rather than by information. Using a new definition of home states that includes the locations where the manager grew up, studied and worked, this research shows that the mutual fund managers in the U.S. tend to overweigh their home states in comparison to the benchmark funds with the same investing style. The home state overweighting is less prominent among managers with better education, and more conspicuous among managers with bigger work experience. The fund holdings in the home states of the manager perform no better or worse than the benchmark, which leads to the conclusion that the home bias is driven by familiarity.
| Author | : Kavous Ardalan |
| Publisher | : Routledge |
| Total Pages | : 362 |
| Release | : 2019-05-17 |
| Genre | : Business & Economics |
| ISBN | : 1000008274 |
This book provides a comprehensive and critical analysis of research outcomes on the equity home bias puzzle – that people overinvest in domestic stocks relative to the theoretically optimal investment portfolio. It introduces place attachment – the bonding that occurs between individuals and their meaningful environments – as a new explanation for equity home bias, and presents a philosophically multi-paradigmatic view of place attachment. For the first time, a comprehensive and up-to-date review of the extant literature is provided, demonstrating that place attachment is a contributing factor to 22 different topics in which variations of home bias are present. The author also analyses the social-psychological underpinnings of place attachment, and considers the effect of multi-culturalism on the future of equity home bias. The book’s unique approach discusses the issues in conceptual terms rather than through data and statistical methods. This multi- and inter-disciplinary book is an invaluable resource for graduate students and researchers interested in economics, finance, philosophy, and/or methodology, introducing them to a new line of research.
| Author | : Francis E. Warnock |
| Publisher | : |
| Total Pages | : 28 |
| Release | : 2001 |
| Genre | : Investments, Foreign |
| ISBN | : |
| Author | : Ian Cooper |
| Publisher | : |
| Total Pages | : 133 |
| Release | : 2013 |
| Genre | : International finance |
| ISBN | : 9781601987631 |
Home bias - the empirical phenomenon that investors assign anomalously high weights to their own domestic assets - has puzzled academics for decades: financial theory predicts that an internationally well diversified portfolio of stocks and short-term bonds can reduce risk significantly without affecting expected return. Although the globalization of international equity markets has increased international investments, equity portfolios remain severely home biased today, and no single explanation seems to solve the puzzle completely. In this paper, we first provide a thorough description of the equity home bias phenomenon by defining, discussing, and applying the competing measures and presenting some estimates of the costs of under-diversification. Second, we evaluate the explanations for the equity home bias proposed in the literature such as information asymmetries, behavioral aspects, barriers to foreign investment, and governance issues, and conclude that each explanation on its own falls short, suggesting that the equity home bias probably reflects a combination of factors. Lastly, we review the implications of international under-diversification for portfolio formation and the cost of capital of companies.
| Author | : International Monetary Fund. Asia and Pacific Dept |
| Publisher | : International Monetary Fund |
| Total Pages | : 86 |
| Release | : 2016-08-02 |
| Genre | : Business & Economics |
| ISBN | : 1475522525 |
This Selected Issues paper discusses the findings of the IMF staff research focusing on labor market dynamics, economic growth, the financial sector, private investment, and monetary policy in Japan. Japan’s labor market has fared relatively well considering the occasional substantial output losses, with unemployment remaining low. Although Japan’s employment responsiveness to the cyclical position has been relatively low, it has been rising over time reflecting the higher share of the nonregular workforce. The lower employment response to output compared with other countries during the Great Recession reflects the quick implementation of an employment subsidy program, a more flexible wage system, and strong employment protection.
| Author | : Thomas Gilovich |
| Publisher | : Cambridge University Press |
| Total Pages | : 884 |
| Release | : 2002-07-08 |
| Genre | : Education |
| ISBN | : 9780521796798 |
This book, first published in 2002, compiles psychologists' best attempts to answer important questions about intuitive judgment.
| Author | : Abdul Rahman |
| Publisher | : Springer Nature |
| Total Pages | : 634 |
| Release | : 2023-09-28 |
| Genre | : Law |
| ISBN | : 2384761048 |
This is an open access book.Central Themes: “Administrative Reform Toward Collaborative and Digital Governance Era”. The main objective of the international conference is to identify and understand the opportunities and challenge of the sustainable development goals in the new normal era. Formulating the knowledge and experiences in regard to the sustainable development goals in the new normal era. Understanding the effect in multiple perspectives such us social, politics, political economy, governance, paradigm shift, economy, business, environmental, security, human resources management etc. Creating innovation in public policy and administration which is adaptive and sensitive to the multiplier effect of decision making and process made by the public sector governance in the pandemic era. Developing networking and partnership with international academicians, expertise and professionals in arrange of filed in business, public policy, administration, political economy, development etc.
| Author | : Robert Pozen |
| Publisher | : John Wiley & Sons |
| Total Pages | : 546 |
| Release | : 2015-01-05 |
| Genre | : Business & Economics |
| ISBN | : 1118929969 |
A guide to how your money is managed, with foreword by Nobel laureate Robert Shiller The Fund Industry offers a comprehensive look at mutual funds and the investment management industry, for fund investors, those working in the fund industry, service providers to the industry and students of financial institutions or capital markets. Industry experts Robert Pozen and Theresa Hamacher take readers on a tour of the business of asset management. Readers will learn how to research a fund and assess whether it's right for them; then they'll go behind the scenes to see how funds are invested, sold and regulated. This updated edition expands coverage of the segments of the industry where growth is hottest, including hedge funds, liquid alternatives, ETFs and target date funds—and adds an introduction to derivatives. Mutual funds are a key component of financial planning for 96 million Americans. Nearly a quarter of U.S. household savings are invested in funds, which give individual investors affordable access to professional management. This book provides a detailed look at how firms in the industry: Invest those savings in stocks and bonds Evaluate the risks and returns of funds Distribute funds directly to consumers or through financial advisors or retirement plans Handle the complex operational and regulatory requirements of mutual funds Vote proxies at the annual meetings of public companies Expand their operations across borders Along the way, the authors describe the latest trends and discuss the biggest controversies—all in straightforward and engaging prose. The Fund Industry is the essential guide to navigating the mutual fund industry.
| Author | : Ted Lindblom |
| Publisher | : Springer |
| Total Pages | : 290 |
| Release | : 2017-08-06 |
| Genre | : Business & Economics |
| ISBN | : 3319547623 |
This book helps readers understand the widely documented distortion in the portfolio choice of individual investors toward proximate firms – the proximity bias phenomenon. First, it recapitulates the fundamentals of modern portfolio theory. It then goes on to describe and demonstrate different approaches on how to measure proximity bias and identifies and examines potential motives and reasons for such a bias. In addition, the book presents new analysis on the financial effects of individual investors’ proximity bias, explaining and contributing with possible policy implications on their portfolio distortion. This book will be of interest to students and researchers, as well as decision-makers in business firms and households.
