Understanding the Equity Home Bias: Evidence from Survey Data
利用基金经理对国际股市前景的调查数据，发现美、英、欧、日基金经理普遍对本国股市更乐观，支持用行为因素解释本国股票偏好。
This study uses survey data of fund managers' views on prospects for international equity markets to shed light on why investment portfolios are significantly biased towards domestic equities. We find that fund managers from the United States, the United Kingdom, continental Europe, and Japan show a significant relative optimism towards their home equity market. Where institutional factors have largely failed to explain the puzzle, our evidence lends support to behavioral explanations of the bias. © 2003 President and Fellows of Harvard College and the Massachusetts Institute of Technology.