Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/297364 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
ECB Working Paper No. 2924
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Investment funds hold a disproportionately larger fraction of domestic relative to foreign stocks. Stock market development and familiarity (language and distance) are considered key determinants for home bias. The literature neglects however that investors often invest in foreign funds domiciled in financial centers. We use a "look-through approach" to account for this misclassification. First, we find substantially smaller home bias estimates compared to those in the literature. Second, the explanatory power of plausible home bias determinants is lower than previously documented. Third, familiarity only plays a meaningful role when investors are households, highlighting the role of investor sophistication.
Schlagwörter: 
investment funds
cross-border portfolio
home bias
financial centers
JEL: 
G11
G15
G23
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6672-6
Dokumentart: 
Working Paper

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