The Genesis of Home Bias? The Location and Portfolio Choices of Investment Company Start-Ups
追踪358位创业基金经理的就业和地理背景，分析其公司选址和股票选择的决定因素，发现初创企业倾向于靠近创始人原籍和金融机构密集区，且新基金经理的本土偏好是此前共同基金的三倍。
Abstract Fund managers' bias toward geographically proximate securities is a well-researched phenomenon, yet the origins of managers' location choices have received little empirical scrutiny. This paper traces the employment and geographic heritage of 358 entrepreneurial fund managers and analyzes the determinants of where they locate their firms and stock selections. The evidence suggests that start-ups tend to be based close to the origins of their founders and in regions with more investment management firms, banking establishments, and large institutional money managers. New money managers show a strong local bias in their equity holdings, three times the levels previously documented for mutual funds. The propensity to invest closer to home correlates strongly with the presence of sub-advisory opportunities from institutional investors in the vicinity. While home bias levels between managers who relocate with their start-ups and the rest of the entrepreneurs are similar, preferences for stocks that were formally local persist.