| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21020 |
| 来源ID | Working Paper 21020 |
| The In-State Equity Bias of State Pension Plans | |
| Jeffrey R. Brown; Joshua M. Pollet; Scott J. Weisbenner | |
| 发表日期 | 2015-03-16 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper provides evidence on the investment behavior of 27 state pension plans that manage their own equity portfolios. Even though these state plans typically hold broadly diversified portfolios, they substantially over-weight the equity of companies that are headquartered in-state. The over-weighting of within-state stocks by these plans is three times larger than that of other institutional investors. We explore three possible reasons for this in-state bias: familiarity bias, information-based investing, and political considerations. While there is a substantial preference for in-state stocks, there is no similar tilt toward holding stocks from neighboring states or out-of-state stocks in the state’s primary industry. States generate excess returns through their in-state investment activities, particularly among smaller stocks in the state’s primary industry. We also find that state pension plans are more likely to hold a within-state stock if the headquarters of the firm is located in a county that gave a high fraction of its campaign contributions to the current governor. These politically-motivated holdings yield excess returns for the pension fund. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Subnational Fiscal Issues |
| URL | https://www.nber.org/papers/w21020 |
| 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/578693 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Brown,Joshua M. Pollet,Scott J. Weisbenner. The In-State Equity Bias of State Pension Plans. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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