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Home Bias at Home: Local Equity Preference in Domestic Portfolios
Abstract
The strong bias in favor of domestic securities is a well‐documented characteristic of international investment portfolios, yet we show that the preference for investing close to home also applies to portfolios of domestic stocks. Specifically, U.S. investment managers exhibit a strong preference for locally headquartered firms, particularly small, highly levered firms that produce nontraded goods. These results suggest that asymmetric information between local and nonlocal investors may drive the preference for geographically proximate investments, and the relation between investment proximity and firm size and leverage may shed light on several well‐documented asset pricing anomalies.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Preferences for Stock Characteristics As Revealed by Mutual Fund Portfolio Holdings
FALKENSTEIN, E. G. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05204.x · Cited by 1,058
Cited by
LINS, K. V., SERVAES, H., & TAMAYO, A. (2017) · The Journal of Finance · doi:10.1111/jofi.12505 · Cited by 3,794
Are red or blue companies more likely to go green? Politics and corporate social responsibility
Di Giuli, A., & Kostovetsky, L. (2014) · Journal of Financial Economics · doi:10.1016/j.jfineco.2013.10.002 · Cited by 1,539
Household Balance Sheets, Consumption, and the Economic Slump*
Mian, A., Rao, K., & Sufi, A. (2013) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt020 · Cited by 1,538
Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization
Chen, J., Hong, H., Huang, M., & Kubik, J. D. (2004) · American Economic Review · doi:10.1257/0002828043052277 · Cited by 1,430
The Causal Impact of Media in Financial Markets
ENGELBERG, J. E., & PARSONS, C. A. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01626.x · Cited by 1,121
Metadata
- Authors
- Coval, J. D., & Moskowitz, T. J.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-12
- Volume
- 54
- Issue
- 6
- Pages
- 2045-2073
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2155369257
- Cited by
- 2,870
- References
- 2
- FWCI
- 47.17
- Type
- journal article
- Language
- en
- Open access
- closed
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- Coval, J. D., & Moskowitz, T. J. (1999). Home Bias at Home: Local Equity Preference in Domestic Portfolios. The Journal of Finance. https://doi.org/10.1111/0022-1082.00181
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
