NBER WORKING PAPER SERIES U.S. INTERNATIONAL EQUITY INVESTMENT

for helpful comments. Nathanael Clinton and Alex Rothenberg provided exceptional research assistance. The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or of any other employee of the Federal Reserve System. The statistical analysis of security-level data on U.S. investors ’ holdings reported in this study was conducted at the International Finance Division of the Board of Governors of the Federal Reserve System under arrangements that maintained legal confidentiality requirements. Warnock thanks the Darden School Foundation for generous support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications