Australia's equity home bias and corporate governance

Paper

Mishra, Anil V.. 2007. "Australia's equity home bias and corporate governance." Davis, Kevin (ed.) 12th Finsia-Melbourne Centre for Financial Studies Banking and Finance Conference: Developments in Financial Services: Theory Meets Practice. Melbourne, Australia 24 - 25 Sep 2007 Melbourne, Australia.
Paper/Presentation Title

Australia's equity home bias and corporate governance

Presentation TypePaper
Authors
AuthorMishra, Anil V.
EditorsDavis, Kevin
Journal or Proceedings TitleProceedings of the 12th Finsia-Melbourne Centre for Financial Studies Banking and Finance Conference: Developments in Financial Services: Theory Meets Practice
Number of Pages32
Year2007
Place of PublicationMelbourne, Australia
Web Address (URL) of Paperhttp://www.melbournecentre.com.au/12th_Finsia_MCFS_Conference.htm
Conference/Event12th Finsia-Melbourne Centre for Financial Studies Banking and Finance Conference: Developments in Financial Services: Theory Meets Practice
Event Details
12th Finsia-Melbourne Centre for Financial Studies Banking and Finance Conference: Developments in Financial Services: Theory Meets Practice
Event Date
24 to end of 25 Sep 2007
Event Location
Melbourne, Australia
Abstract

This paper constructs the float adjusted measure of home bias and explores the determinants of Australia’s equity home bias by employing International Monetary Fund’s high quality dataset (2001 to 2005) on cross border equity investment. The paper finds that information asymmetries arising due to countries regulatory and legal environment have significant impact on Australia’s equity home bias. Trade linkages are found to have a significant impact on Australia’s equity home bias.

Australian investors exhibit a preference for English speaking and common legal origin countries. Transaction costs, though statistically significant, have a very low value to suggest a minor impact on Australia’s home bias. This paper finds low diversification motives of Australian investors.

Keywordsfloat; governance indicators; coordinated portfolio investment survey; rule of law
ANZSRC Field of Research 2020380107. Financial economics
380110. International economics
Public Notes

No evidence of copyright restrictions on web site.

Byline AffiliationsSchool of Accounting, Economics and Finance
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