| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23040 |
| 来源ID | Working Paper 23040 |
| Location Choice, Portfolio Choice | |
| Ioannis Branikas; Harrison Hong; Jiangmin Xu | |
| 发表日期 | 2017-01-16 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Households hold nondiversified stock portfolios of firms headquartered near their city of residence. Explanations assign a causal role for proximity, either in generating an informational advantage or a familiarity bias. Empirical analyses assume households locate randomly, even though they optimally select a city. This selection is important since latent location factors might be correlated with latent demand for local stocks. Building on location choice models from urban economics, we develop a Heckman (1977)-style model to account for the effect of location choices on portfolio choices. Adjusting for selection significantly reduces local bias and the performance of local stock picks. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w23040 |
| 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/580714 |
| 推荐引用方式 GB/T 7714 | Ioannis Branikas,Harrison Hong,Jiangmin Xu. Location Choice, Portfolio Choice. 2017. |
| 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 | ||
| w23040.pdf（640KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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