EQUITY HOME BIAS: A REVIEW ESSAY

被引：40

作者：

Ardalan, Kavous ^{[1
]}

机构：

[1] Marist Coll, Sch Management, Poughkeepsie, NY 12601 USA

来源：

JOURNAL OF ECONOMIC SURVEYS | 2019年 / 33卷 / 03期

关键词：

Equity; Home Bias; Puzzle; Review; INTERNATIONAL DIVERSIFICATION; PORTFOLIO CHOICE; INSTITUTIONAL INVESTORS; ASYMMETRIC INFORMATION; INDIVIDUAL INVESTORS; DYNAMIC EQUILIBRIUM; DOMESTIC INVESTORS; FOREIGN OWNERSHIP; FINANCIAL-MARKETS; INVESTMENT;

D O I：

10.1111/joes.12302

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper reviews the relatively more recent literature on equity home bias - the empirical finding that people overinvest in domestic stocks relative to the optimal investment portfolio implied by the modern portfolio theory. It reviews six broad classes of explanation of this puzzling phenomenon: (1) hedging home risks; (2) barriers to foreign investments; (3) information asymmetries; and (4) behavioral factors. The consensus is that none of the explanations can account for the full extent of the bias by itself, thus the home bias should be explained by a combination of rational and behavioral factors.

引用

页码：949 / 967

页数：19

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