Information Immobility and the Home Bias Puzzle
解释为何本土投资者即使能学习外国信息，仍选择不学，从而放大信息不对称并导致本土偏好。模型匹配了本地与行业偏好、外国投资、组合超额收益和资产价格等模式，为实证研究提出新方向。
ABSTRACT Many argue that home bias arises because home investors can predict home asset payoffs more accurately than foreigners can. But why does global information access not eliminate this asymmetry? We model investors, endowed with a small home information advantage, who choose what information to learn before they invest. Surprisingly, even when home investors can learn what foreigners know, they choose not to: Investors profit more from knowing information others do not know. Learning amplifies information asymmetry. The model matches patterns of local and industry bias, foreign investments, portfolio outperformance, and asset prices. Finally, we propose new avenues for empirical research.