Can Nontradables Generate Substantial Home Bias?
研究非贸易品（消费和休闲）在资本市场一体化下对资产组合本土偏好的影响，发现对冲非贸易品冲击只能解释很小的本土偏好，暗示未来国际多元化将大幅增加。
The past decade has witnessed an increase in the fraction of equity portfolios invested abroad, as barriers to international asset trade have significantly declined. What are the long-run implications of this process? In this paper we investigate to what extent nontradables (consumption and leisure) can affect the portfolio allocation decision in otherwise integrated capital markets. We find that hedging against nontradables shocks can account for only a small portfolio bias toward domestic assets. These results suggest that in the near future we can expect to observe sizable additional international diversification.