The Home Bias in Equities and Distribution Costs
将分销成本纳入国际资产组合选择的一般均衡模型，解释了为何投资者偏好本国股票，即使有动机通过购买外国股票对冲劳动收入风险。
Abstract We show that incorporating distribution costs into a general equilibrium model of international portfolio choice helps to explain the home bias in international equity investment. Our model is able to replicate observed investment positions for a wide range of parameter values, even if agents have an incentive to hedge labor income risk by purchasing foreign equity. This is because the existence of a retail sector affects both the correlation of domestic returns with the domestic price level and the correlation between financial and non‐financial income.