Australian investors' home bias in portfolio equity investment

Paper

Mishra, Anil V.. 2006. "Australian investors' home bias in portfolio equity investment." MacDonald, Garry (ed.) 35th Australian Conference of Economists (ACE 2006). Perth, Australia 25 - 27 Sep 2006 Curtin University of Technology, Perth, Western Australia.
Paper/Presentation Title

Australian investors' home bias in portfolio equity investment

Presentation TypePaper
Authors
AuthorMishra, Anil V.
EditorsMacDonald, Garry
Journal or Proceedings TitleProceedings of the 35th Australian Conference of Economists (ACE 2006)
Number of Pages26
Year2006
Place of PublicationCurtin University of Technology, Perth, Western Australia
ISBN1740675010
Web Address (URL) of Paperhttp://www.cbs.curtin.edu.au/files/mishra.pdf
Conference/Event35th Australian Conference of Economists (ACE 2006)
Event Details
35th Australian Conference of Economists (ACE 2006)
Event Date
25 to end of 27 Sep 2006
Event Location
Perth, Australia
Abstract

This paper employs International Monetary Fund’s high quality cross-border equity holdings dataset to investigate the determinants of home bias puzzle in the Australian context. This paper indicates that the share of destination countries’ stock market that is invested in Australia and transaction costs have significant impact on the home bias puzzle. Capital controls and trade links also impact the home bias puzzle; however their effect is insignificant.

This paper also employs World Bank’s governance indicators and other legal variables to investigate the phenomenon of home bias. Information asymmetries arising due to countries’ regulatory and legal environment have significant impact on the home bias puzzle.

Keywordsgovernance indicators, coordinated portfolio investment survey, rule of law, accounting standards
ANZSRC Field of Research 2020380107. Financial economics
Public Notes

Author retains copyright.

Byline AffiliationsUniversity of Western Sydney
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