How Distance, Language, and Culture Influence Stockholdings and Trades
发现投资者更倾向于持有、买入和卖出位于附近、使用母语沟通且CEO文化背景相同的芬兰公司股票，且这种影响在投资经验较少的投资者中更显著。
This paper documents that investors are more likely to hold, buy, and sell the stocks of Finnish firms that are located close to the investor, that communicate in the investor's native tongue, and that have chief executives of the same cultural background. The influence of distance, language, and culture is less prominent among the most investment‐savvy institutions than among both households and less savvy institutions. Regression analysis indicates that the marginal effect of distance is less for firms that are more nationally known, for distances that exceed 100 kilometers, and for investors with more diversified portfolios.