Home Bias at Home: Local Equity Preference in Domestic Portfolios
研究发现美国投资经理偏好投资本地公司，尤其是小型、高杠杆且生产非贸易品的公司，表明信息不对称可能驱动地理邻近投资偏好，并解释资产定价异常。
ABSTRACT The strong bias in favor of domestic securities is a well‐documented characteristic of international investment portfolios, yet we show that the preference for investing close to home also applies to portfolios of domestic stocks. Specifically, U.S. investment managers exhibit a strong preference for locally headquartered firms, particularly small, highly levered firms that produce nontraded goods. These results suggest that asymmetric information between local and nonlocal investors may drive the preference for geographically proximate investments, and the relation between investment proximity and firm size and leverage may shed light on several well‐documented asset pricing anomalies.