investment behavior. In our experiment, subjects decide about investments into real-life mutual funds. We find that subjects …

, therefore, invest more in such stocks'. We conducted an experiment in Jena, Germany to test whether subjects show local bias and …Empirical evidences show that investors tend to be biased toward investing in domestic (home bias) and local (local … bias) stocks. Familiarity is considered to be one of the reasons. A similar concept was proposed by Goldstein and …