International investors' home bias in portfolio equity investment

Paper

Mishra, Anil V.. 2007. "International investors' home bias in portfolio equity investment." Walker, Gordon (ed.) 14th Global Finance Conference. Melbourne 01 - 04 Apr 2007 Melbourne, Australia.
Paper/Presentation Title

International investors' home bias in portfolio equity investment

Presentation TypePaper
Authors
AuthorMishra, Anil V.
EditorsWalker, Gordon
Journal or Proceedings TitleProceedings of the 14th Global Finance Conference
Number of Pages35
Year2007
Place of PublicationMelbourne, Australia
Web Address (URL) of Paperhttp://www.gfc2007.org
Conference/Event14th Global Finance Conference
Event Details
14th Global Finance Conference
Event Date
01 to end of 04 Apr 2007
Event Location
Melbourne
Abstract

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 impact on home bias.Foreign listing is found to alleviate home bias.
International investors exhibit a preference for nearby and same language countries.Capital controls, trade links and risk adjusted returns are found to significantly affect
equity home bias. Transaction costs do not have a significant impact on the equity home bias.

Keywordsgovernance indicators; coordinated portfolio investment survey; float world market portfolio
ANZSRC Field of Research 2020380107. Financial economics
380110. International economics
Public Notes

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Byline AffiliationsDepartment of Finance and Banking
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