| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8969 |
| DP8969 Local Bias and Stock Market Conditions | |
| Mariassunta Giannetti; Luc Laeven | |
| 发表日期 | 2012-05-23 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We show that the local bias in U.S. mutual fund portfolios varies significantly over time and is more pronounced at times of heightened market uncertainty, such as during financial crises. Similarly, the local bias is less pronounced in periods when market sentiment is strong. These results do not depend on past fund performance or fund inflows during good times. Additionally, we do not find that fund managers earn superior returns on local stocks during periods of heightened market uncertainty. Overall, we conclude that informational advantages or scale economies are unlikely to be important factors in explaining the dependence of local bias on market conditions, and that our evidence is more consistent with a behavioral explanation whereby changes in market conditions affect the preference for local stocks of ambiguity averse investors. |
| 主题 | Financial Economics |
| 关键词 | Home bias Local bias Mutual funds Institutional investors stock market Financial cycles Market uncertainty Investor sentiment Behavioral finance |
| URL | https://cepr.org/publications/dp8969 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537821 |
| 推荐引用方式 GB/T 7714 | Mariassunta Giannetti,Luc Laeven. DP8969 Local Bias and Stock Market Conditions. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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