Familiarity Breeds Investment
研究发现，区域贝尔运营公司的股东倾向于居住在其服务区域，且客户更可能持有该公司股票而非其他同类公司股票，这揭示了投资者偏好熟悉资产而忽视投资组合理论的现象。
Shareholders of a Regional Bell Operating Company (RBOC) tend to live in the area which it serves, and an RBOC's customers tend to hold its shares rather than other RBOCs' equity. The geographic bias of the RBOC investors is closely related to the general tendency of households' portfolios to be concentrated, of employees' tendency to own their employers' stocks in their retirement accounts, and to the home country bias in the international arena. Together, these phenomena provide compeling evidence that people invest in the familiar while often ignoring the principles of portfolio theory.