Home Bias at the Fund Level
揭示了共同基金层面本土偏好的新事实：基金间本土偏好程度差异大，基金规模与本土偏好正相关，且规模越大投资的外国和行业越多。这些发现对现有理论构成挑战。
This paper presents new stylized facts on the distribution of the home bias at the fund level. We find (i) a large heterogeneity in the degree of home bias across mutual funds; (ii) a positive correlation between the size of funds and home bias; and (iii) a positive correlation between the size of funds, the number of foreign countries and the number of sectors in which they invest. These facts constitute a challenge for existing theories.