We propose a model of delegated asset management in which heterogeneous fund man-agers choose whether to invest in domestic or foreign assets. Individual investors are more informed about domestic market than foreign markets. As a result, they are better able to evaluate the quality of managers who invest in domestic assets. This generates home bias. Home bias is magni\u85ed by the endogenous entry of managers: since quality is rewarded more in the domestic market, higher quality managers invest domestically, making domes-tic assets more attractive to the investors. Additionally, the model generates predictions about the size and the quality of mutual funds that are consistent with empirical studies: there are fewer mutual funds investing d...
This thesis includes two essays analyzing two separate topics. The first essay investigates the role...
Home bias – the empirical phenomenon that investors assign anomalously high weights to their own dom...
We analyze the US equity holdings of more than 3000 non-US-based mutual funds from 22 countries and ...
We propose a model of delegated asset management in which individual investors are more informed abo...
Why do investors excessively tilt their portfolio towards domestic assets? Recent studies suggest as...
This paper investigates the allocation decision of an investor who owns two projects, a domestic and...
Many explanations for home or local bias rely on information asymmetry: investors know more about th...
Modern portfolio theory suggests that the best strategy to reduce portfolio risk is to diversify int...
Equity home bias is one of the major puzzles in international finance. This paper investigates the i...
We examine how mutual funds from 26 developed and developing countries allocate their investment bet...
This dissertation consists of three stand-alone but interrelated empirical studies investigating var...
Many explanations for home or local bias rely on information asymmetry: investors know more about th...
Non professional investors display a much higher degree of home bias than fiancial investors suggest...
We examine how mutual funds from 26 developed and developing countries allocate their investment bet...
We analyze the US equity holdings of more than 3000 non-US-based mutual funds from 22 countries and ...
This thesis includes two essays analyzing two separate topics. The first essay investigates the role...
Home bias – the empirical phenomenon that investors assign anomalously high weights to their own dom...
We analyze the US equity holdings of more than 3000 non-US-based mutual funds from 22 countries and ...
We propose a model of delegated asset management in which individual investors are more informed abo...
Why do investors excessively tilt their portfolio towards domestic assets? Recent studies suggest as...
This paper investigates the allocation decision of an investor who owns two projects, a domestic and...
Many explanations for home or local bias rely on information asymmetry: investors know more about th...
Modern portfolio theory suggests that the best strategy to reduce portfolio risk is to diversify int...
Equity home bias is one of the major puzzles in international finance. This paper investigates the i...
We examine how mutual funds from 26 developed and developing countries allocate their investment bet...
This dissertation consists of three stand-alone but interrelated empirical studies investigating var...
Many explanations for home or local bias rely on information asymmetry: investors know more about th...
Non professional investors display a much higher degree of home bias than fiancial investors suggest...
We examine how mutual funds from 26 developed and developing countries allocate their investment bet...
We analyze the US equity holdings of more than 3000 non-US-based mutual funds from 22 countries and ...
This thesis includes two essays analyzing two separate topics. The first essay investigates the role...
Home bias – the empirical phenomenon that investors assign anomalously high weights to their own dom...
We analyze the US equity holdings of more than 3000 non-US-based mutual funds from 22 countries and ...