| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4218 |
| 来源ID | Working Paper 4218 |
| Home Bias and the High Turnover | |
| Linda L. Tesar; Ingrid M. Werner | |
| 发表日期 | 1992-11-01 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | This paper documents the available evidence on international portfolio investment in five GECD countries. We draw three conclusions from the data. First. there is strong evidence of a home bias in national investment portfolios despite the potential gains from international diversification. Second, to the extent investors hold international securities, the composition of the portfolio of foreign securities seems to reflect factors other than diversification of risk. Third, the high volume of cross-border capital flows and the high turnover rate on foreign equity investments relative to domestic equity markets suggests that transactions costs and incomplete information are unlikely to be important deterrents to international investment. These observations suggest that a richer set of models is required to account for international investment behavior. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w4218 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561575 |
| 推荐引用方式 GB/T 7714 | Linda L. Tesar,Ingrid M. Werner. Home Bias and the High Turnover. 1992. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4218.pdf（2656KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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