| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19570 |
| 来源ID | Working Paper 19570 |
| Home Bias and Local Contagion: Evidence from Funds of Hedge Funds | |
| Clemens Sialm; Zheng Sun; Lu Zheng | |
| 发表日期 | 2013-10-24 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the geographical preferences of hedge fund investors and the implication of these preferences for hedge fund performance. We find that funds of hedge funds overweight their investments in hedge funds located in the same geographical areas and that funds of funds with a stronger local bias exhibit superior performance. However, this local bias of funds of funds adversely impacts the hedge funds by creating excess comovement and local contagion. Overall, our results suggest that while local funds of funds benefit from local performance advantages, their local bias creates market segmentation that could destabilize financial markets. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w19570 |
| 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/577245 |
| 推荐引用方式 GB/T 7714 | Clemens Sialm,Zheng Sun,Lu Zheng. Home Bias and Local Contagion: Evidence from Funds of Hedge Funds. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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