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Is Local Bias a Cross-Border Phenomenon? Evidence from Individual Investors’ International Asset Allocation
Baltzer, Markus - 2014
stocks (local bias). We hypothesize that individual investors' local bias is not limited to the domestic sphere but instead … also determines their international investment decisions. Our results confirm the presence of a cross-border local bias … a significantly lower foreign investment bias towards investment opportunities in that country and that this drop in …
Persistent link: https://www.econbiz.de/10013064735
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Is Local Bias a Cross-Border Phenomenon? Evidence from Individual Investors' International Asset Allocation
Baltzer, Markus - 2016
stocks (local bias). We hypothesize that individual investors' local bias is not limited to the domestic sphere but instead … also determines their international investment decisions. Our results confirm the presence of a cross-border local bias … display a significantly lower foreign investment bias towards investment opportunities in that country and (ii) that this drop …
Persistent link: https://www.econbiz.de/10012988780
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Is local bias a cross-border phenomenon? : evidence from individual investors’ international asset allocation
Baltzer, Markus; Stolper, Oscar; Walter, Andreas - 2013
stocks (local bias). We hypothesize that individual investors’ local bias is not limited to the domestic sphere but instead … also determines their international investment decisions. Our results confirm the presence of a cross-border local bias … display a significantly lower foreign investment bias towards investment opportunities in that country and (ii) that this drop …
Persistent link: https://www.econbiz.de/10009740268
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If George Costanza Were a Hedge Fund Manager
White, James - 2019
Continuously rebalanced long-short trades are similar to highly levered trades in that their PNL profile depends not only on the final distribution of return, but also on the realized co-variance structure of the asset pair. It's easily possible for both orientations of a rebalanced long-short...
Persistent link: https://www.econbiz.de/10012894939
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The Impact of Risk and Return Perceptions on the Portfolio Reallocation Decisions of Mutual Fund Investors
Ederington, Louis H. - 2010
To explore how portfolio allocations among equities, fixed income securities, and cash are impacted by investors' risk and return expectations, this paper explores portfolio reallocations among equity, bond, and money market mutual funds. As predicted by the literature on optimal portfolio...
Persistent link: https://www.econbiz.de/10013146812
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The Impact of Risk and Return Perceptions on the Portfolio Reallocation Decisions of Mutual Fund Investors
Ederington, Louis H. - 2010
To explore how portfolio allocations among equities, fixed income securities, and cash are impacted by investors' risk and return expectations, this paper explores portfolio reallocations among equity, bond, and money market mutual funds. As predicted by the literature on optimal portfolio...
Persistent link: https://www.econbiz.de/10013146813
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When investors call for climate responsibility, how do mutual funds respond?
Ceccarelli, Marco; Ramelli, Stefano; Wagner, Alexander F. - 2019
We show that mutual funds compete for climate-conscious investment flows. In April 2018, Morningstar introduced a climate-focused label for mutual funds. The release of the "Low Carbon Designation" induced reactions on both the demand and supply sides of the market. First, investors flocked to...
Persistent link: https://www.econbiz.de/10012003131
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On the Implications of Mutual Fund Managers’ Reliance on Categories
Gupta-Mukherjee, Swasti - 2016
This study shows that mutual fund managers vary in their reliance on category-level information, relative to firm-specific information about assets. Moreover, fund performance decreases with managers' propensity to rely on categories. Fund managers display less skill in picking stocks which are...
Persistent link: https://www.econbiz.de/10013007368
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Limited Attention and Portfolio Choice : The Impact of Attention Allocation on Mutual Fund Performance
Gupta-Mukherjee, Swasti - 2016
This study proposes that the performance of mutual fund managers is linked to how efficiently they allocate attention across assets in their investment set. Motivated by existing models of optimal portfolio choice and rational inattention, we posit that the efficiency of attention allocation...
Persistent link: https://www.econbiz.de/10013008200
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Are behavioral biases stable across markets and prevalent across individuals? : evidence from individual betting choices
Andrikogiannopoulou, Angie; Papakonstantinou, Filippos - 2014
We use novel data on individual activity in a sports betting market to study the effect of past performance sequences on individual behavior in a real market. The revelation of fundamental values in this market enables us to disentangle whether behavior is caused by sentiment or by superior...
Persistent link: https://www.econbiz.de/10010338735