US International Equity Investment and Past and Prospective Returns
利用美国投资者外国股票组合的新数据，发现其不追逐过去收益，反而卖出赢家，且能提前增持未来表现好的国家，组合年超额收益160基点。
Counter to extant stylized facts, using newly available data on country allocations in US investors' foreign equity portfolios we find that (i) US investors do not exhibit returns-chasing behavior, but, consistent with partial portfolio rebalancing, tend to sell past winners; and (ii) US investors increase portfolio weights on a country's equity market just prior to its strong performance, behavior inconsistent with an informational disadvantage. Over the past two decades, US investors' foreign equity portfolios outperformed a value-weighted foreign benchmark by 160 basis points per year.