What Determines The Domestic Bias And Foreign Bias ? Evidence From Mutual Fund Equity Allocations Worldwide  

Oleh:

Chan, Kalok ; Covrig, Vicentiu ; Ng, Lilian

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 3 (Jun. 2005), page 1495-1534.
Topik: mutual funds; mutual funds; studies; many countries; asset allocation; bias
Fulltext: p 1495.pdf (3.34MB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine how mutual funds from 26 developed and developing countries allocate their investment between domestic and foreign equity markets and what factors determine their asset allocations worldwide. We find robust evidence that these funds, in aggregate, allocate a disproportionately larger fraction of investment to domestic stocks. Results indicate that the stock market development and familiarity variables have significant, but asymmetric, effects on the domestic bias (domestic investors overweighting the local markets) and foreign bias (foreign investors under of overweighting the overseas markets), and that economic development, capital controls, and withholding tax variables have significant effects only on foreign bias.

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