Foreign Investments of U.S. Individual Investors: Causes and Consequences
利用数千个美国个人投资者的经纪账户数据，分析其投资外国股票的原因和后果，发现多元化并非唯一动机，经验丰富的投资者能获得信息优势并表现良好，而行为偏差的投资者则常因错误原因投资并导致绩效不佳。
Using thousands of brokerage accounts of U.S. individual investors, we analyze the motivations and consequences of foreign equity investment. We find that diversification is not the only reason that investors trade foreign securities. While wealthier, more experienced investors enjoy an informational advantage and, thus, are more likely to invest overseas and experience good portfolio performance, other investors appear to venture abroad for the wrong reasons. In particular, behaviorally biased investors often underuse or misuse foreign equity securities and experience poor portfolio performance. Some investors appear to use foreign securities for speculation or to improve upon poor domestic portfolio performance.