Portfolio Home Bias and External Habit Formation
نویسندگان
چکیده
منابع مشابه
Asymmetric Information, Portfolio Managers and Home Bias
Why do investors excessively tilt their portfolio towards domestic assets? Recent studies suggest asymmetric information plays a signi cant role in the home equity bias puzzle. A key assumption in theoretical models is that agents invest in assets and process information on their own. However, most international investments are executed by managers in nancial institutions. These institutions a...
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We develop a model that parsimoniously captures habit formation, projection bias, and present bias in an intertemporal-choice setting, and conduct a field experiment to calibrate the parameters of the model. Building on the gym-attendance study of Charness and Gneezy (2009), we incentivize subjects to attend the gym for a month, observe preand post-treatment attendance relative to a control gro...
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This paper utilizes International Monetary Fund’s high quality dataset over the period from 2001 to 2004, to investigate the determinants of home bias in the international context. This paper contributes to the existing literature by using float adjusted measure of home bias for 38 countries. Information asymmetries arising due to countries’ regulatory and legal environment have significant imp...
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Habits, both good ones and bad ones, are pervasive in animal behavior. Important frameworks have been developed to understand habits through psychological and neurobiological studies. This work has given us a rich understanding of brain networks that promote habits, and has also helped us to understand what constitutes a habitual behavior as opposed to a behavior that is more flexible and prosp...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.1973376