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| Author: | Ahearne, A.G. Griever, W.L. Warnock, F.E. |
| Title: | Information costs and home bias: an analysis of US holdings of foreign equities |
| Journal: | Journal of International Economics
2004 : MAR, VOL. 62:2, p. 313-336 |
| Index terms: | Accounting standards Asymmetric information Investor protection Portfolio management USA |
| Language: | eng |
| Abstract: | Extant hypotheses of the home bias in equity holdings are tested using high quality cross-border holdings data and quantitative measures of barriers to international investment. The effects of direct barriers to international investment, when statistically significant, are not economically meaningful. More important are information asymmetries that owe to the poor quality and low credibility of financial information in many countries. While a direct measure of information costs is not available, some foreign companies have reduced these costs by publicly listing their securities in the US, where investor protection regulations elicit stadardized, credible financial information. |
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