Foreign Investment under the Spotlight of Home Media
研究了美国本土媒体对共同基金在38个东道国股票投资的影响，发现媒体报道越多，基金持股越高，且专业投资者更信任本土媒体信息。
Abstract This study examines the informational role of home media for foreign equity investment. Using a large sample of 38 host countries, we document a positive association between U.S. mutual fund ownership in a local stock and the coverage of U.S. major news providers on that stock. In addition to the conventional information dissemination and attention‐grabbing media effects, we provide evidence of a novel home media effect that professional investors tend to entrust their home media in their foreign investments. Our findings help explain the international finance anomaly regarding the dependence of firm returns on home and foreign market factors.