My global fund portfolio is not yours: the effect of home bias on European- and US-managed convertible bond fund exposures
研究发现全球可转换债券基金因管理公司所在地不同而呈现区域偏差，欧洲管理的基金更偏债券型，美国管理的更偏股票型，投资者需考虑管理人来源以避免业绩与预期不符，欧洲基金的本土偏好导致每年最高1.38%的机会成本。
This paper shows that global convertible bond funds (CBFs) and their resulting equity-bond exposures are regionally biased. Global bond fund managers display home bias, resulting in CBFs that are not only tilted towards the home market but also reflect the different bond-equity exposures of European and US convertibles. More specifically we find that global funds managed by a European asset management firm are more bond-like than global funds managed by a US-based asset manager. Hence, investors have to account for the asset management company's origin to avoid that the performance of the fund and its correlation with other assets is not in line with investor's ex ante expectations about globally managed portfolios. Our results also indicate that for investors of European-based CBFs this home bias has resulted in an ex post opportunity cost up to 1.38% per year, depending on the sample period.