Keeping Up with the Joneses and the Home Bias
论证当人们在意与邻居的相对消费时，会产生本土偏好，即投资者在投资组合中过度配置国内股票，因为国内股票能模仿邻居、同胞和社会参照群体的经济状况与福利；全球化会缓解这种偏好，并推导出修正的国际资本资产定价模型。
Abstract We argue that when individuals care about their consumption relative to that of their neighbours, a home bias emerges, that is investors overweight domestic stocks in their portfolios. Domestic stocks are preferred because they also serve the objective of mimicking the economic fortunes and welfare of the investor's neighbours, countrymen, and social reference group. We also demonstrate that globalization mitigates the home bias, and derive a modified international CAPM.