EQUITY HOME BIAS: A REVIEW ESSAY
综述了股权本土偏好的近期文献，即人们过度投资本国股票的现象，并评述了四类解释：对冲本国风险、外国投资障碍、信息不对称和行为因素。结论是单一解释不足以说明全部偏差，需结合理性与行为因素。
Abstract This paper reviews the relatively more recent literature on equity home bias – the empirical finding that people overinvest in domestic stocks relative to the optimal investment portfolio implied by the modern portfolio theory. It reviews six broad classes of explanation of this puzzling phenomenon: (1) hedging home risks; (2) barriers to foreign investments; (3) information asymmetries; and (4) behavioral factors. The consensus is that none of the explanations can account for the full extent of the bias by itself, thus the home bias should be explained by a combination of rational and behavioral factors.