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| Author: | Warnock, F. E. |
| Title: | Home bias and high turnover reconsidered |
| Journal: | Journal of International Money and Finance
2002 : NOV, VOL. 21:6, p. 795-805 |
| Index terms: | Transaction costs Portfolio management Turnover |
| Language: | eng |
| Abstract: | The Tesar and Werner (J. Int. Money and Finance 1995) finding of very high turnover rates on foreign equity portfolios is based on an underestimation of cross-border equity positions. Foreign turnover rates calculated using information from comprehensive benchmark surveys on cross-border holdings are much lower than previously reported and comparable to domestic turnover rates. The basic intuitition from the Tesar-Werner study is confirmed using data on transactiuon costs in 41 markets. |
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