Investor experiences and international capital flows
基于经历影响信念的宏观金融模型，解释了投资者为何偏好本国股票（本土偏好）、危机时增持本国资产（回缩）并从外国市场撤资（善变），并用数据验证了这些预测。
We propose a novel explanation for classic international macro puzzles regarding capital flows and portfolio investment, which builds on modern macro-finance models ofexperience-based belief formation. Individual experiences of past macroeconomic out-comes have been shown to exert a long-lasting influence on beliefs about future realizations, and to explain domestic stock-market investment. We argue that experience effects can explain the tendency of investors to hold an over proportional fraction of their equity wealth in domestic stocks (home bias), to invest in domestic equity markets in periods of domestic crises (retrenchment), and to withdraw capital from foreign equity markets in periods of foreign crises (fickleness). Experience-based learning generates additional implications regarding the strength of these puzzles in times of higher or lower economic activity and depending on the demographic composition of market participants. We test and confirm these predictions in the data.