Kleinert The International Diversification Puzzle: Home Bias in Countries’ Investment Portfolios

1. Auflage 2020
ISBN: 978-3-89644-716-6
Verlag: Duncker & Humblot
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, Band 53, 137 Seiten

Reihe: Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim

This work analyzes determinants of portfolio decisions in the context of cross-country diversification, which cause significant overweighting of the respective domestic market. By amending traditional determinants with cross-cultural variables, this work enhances current insights on the home bias phenomena.

In addition, the study sheds light on the capital market anomaly in the context of consumption risk and documents that the increasing importance of foreign positions in international investment portfolios improves international consumption risk sharing among economies.

Autoren/Hrsg.

Kleinert, Helena

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Bankwirtschaft

Inhaltsverzeichnis

Introduction

A. Home Bias in International Investment Portfolios – A Literature Review

Introduction – International Diversification and Home Bias in Portfolio Allocation – Calculation optimal portfolio weights – Potential Explanations for the Home Bias – Conclusion

B. Cultural Influences on Domestic and Foreign Bias in International Asset Allocation

Introduction – Data and Placement in Literature – Calculation of the dependent variables – Explanatory Variables and Regression Framework – Empirical Results – Conclusion

C. Is increasing Financial Integration related to improved International Risk Sharing?

Introduction – Data – Theoretical Background and Placement and Literature – Patterns of Risk Sharing and International Asset Positions – Conclusion

Summary

References