This article reviews the institutional characteristics of hedge funds based on their comparison with traditional collective investment schemes and investment funds. The study arrives at the conclusion that hedge funds are highly leveraged boutique investment funds of a quasi-open nature that...

Equity home bias is one of the most enduring puzzles in international finance. In this paper, I start out by documenting a novel stylized fact about home bias: countries with weaker domestic institutions hold fewer foreign assets. I then explore a macroeconomic mechanism by which the presence of...