haku: @author Huberman, G. / yhteensä: 15
viite: 5 / 15
| Tekijä: | Huberman, G. |
| Otsikko: | Familiarity Breeds Investment |
| Lehti: | Review of Financial Studies
2001 : AUTUMN, VOL. 14:3, p. 659-680 |
| Asiasana: | FINANCE INVESTMENT INVESTMENTS ANALYTICAL REVIEW SHAREHOLDERS |
| Kieli: | eng |
| Tiivistelmä: | Shareholders of a Regional Bell Operating Company (RBOC) tend to live in the area which it serves, and an RBOC's customers tend to hold its shares rather than other RBOCs' equity. The geographic bias of the RBOC investors is closely related to the general tendency of households' portfolios to be concentrated, of employees' tendency to own their employers' stocks in their retirement accounts, and to the home country bias in the international arena. Together, these phenomena provide compelling evidence that people invest in the familiar while often ignoring the principles of portfolio theory. First, the paper assembles seemingly disparate evidence on how familiarity affects investment choices then documents the geographic distribution of the RBOC shareholders and discusses possible explanations. |
SCIMA