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| Tekijä: | Dahlquist, M. (et al.) |
| Otsikko: | Corporate governance and the home bias |
| Lehti: | Journal of Financial and Quantitative Analysis
2003 : MAR, VOL. 38:1, p. 87-110 |
| Asiasana: | Corporate governance Portfolio investment |
| Vapaa asiasana: | Home bias |
| Kieli: | eng |
| Tiivistelmä: | This paper shows that there is a close relation between corporate governance and the portfolios held by investors. Most firms in countries with poor investor protection are controlled by large shareholders, so that only a fraction of the shares issued by firms in these countries can be freely traded and held by portfolio investors. The authors show that the prevalence of closely-held firms in most countries helps explain why these countries exhibit a home bias in share holdings and why U.S. investors underweight foreign countries in their portfolios. |
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