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How Distance, Language, and Culture Influence Stockholdings and Trades
Abstract
This paper documents that investors are more likely to hold, buy, and sell the stocks of Finnish firms that are located close to the investor, that communicate in the investor's native tongue, and that have chief executives of the same cultural background. The influence of distance, language, and culture is less prominent among the most investment‐savvy institutions than among both households and less savvy institutions. Regression analysis indicates that the marginal effect of distance is less for firms that are more nationally known, for distances that exceed 100 kilometers, and for investors with more diversified portfolios.
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Citations
Cited by
Equity Portfolio Diversification
Goetzmann, W. N., & Kumar, A. (2008) · Review of Finance · doi:10.1093/rof/rfn005 · Cited by 1,222
Up Close and Personal: Investor Sophistication and the Disposition Effect
Dhar, R., & Zhu, N. (2006) · Management Science · doi:10.1287/mnsc.1040.0473 · Cited by 840
The Behavior of Individual Investors
Barber, B. M., & Odean, T. (2013) · Handbook of the Economics of Finance · doi:10.1016/b978-0-44-459406-8.00022-6 · Cited by 750
Red and blue investing: Values and finance
Hong, H., & Kostovetsky, L. (2012) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.01.006 · Cited by 749
Every Little Helps? ESG News and Stock Market Reaction
Capelle-Blancard, G., & Petit, A. (2019) · Journal of Business Ethics · doi:10.1007/s10551-017-3667-3 · Cited by 601
Metadata
- Authors
- Grinblatt, M., & Keloharju, M.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2001-06
- Volume
- 56
- Issue
- 3
- Pages
- 1053-1073
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2120646818
- Cited by
- 1,667
- References
- 0
- FWCI
- 44.17
- Type
- journal article
- Language
- en
- Open access
- closed
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- Grinblatt, M., & Keloharju, M. (2001). How Distance, Language, and Culture Influence Stockholdings and Trades. The Journal of Finance. https://doi.org/10.1111/0022-1082.00355
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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.
