We analyze foreigners’ and domestic institutional investors’ positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that...

We analyze foreigners' and domestic institutional investors' positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that...

It is an established fact that investors favor the familiar%u2014be it domestic securities or, within a country, the securities of nearby firms%u2014and avoid investments that would provide the greatest diversification benefits. While we do not rule out familiarity as an important driver of...

We analyze foreigners' and domestic institutional investors' positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that...

In this note, we look into investment funds' access to and usage of bank credit, based on a new dataset on credit line (and other types of loan) extension by top bank holding companies to open-end mutual funds and ETFs in the United States. We find that the aggregate amount of bank lending to...

It is an established fact that investors favor the familiar--be it domestic securities or, within a country, the securities of nearby firms--and avoid investments that would provide the greatest diversification benefits. While we do not rule out familiarity as an important driver of portfolio...

Assessing liquidity transformation risks in MFs is difficult, largely due to a lack of detailed data on fund assets' liquidity. In this note, we identify some indicators of funds' liquidity profiles, and examine them in a sample of bank loan (BL, also referred to as “leveraged loans”) and...