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What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide

The Journal of finance (New York), 2005-06, Vol.60 (3), p.1495-1534 [Peer Reviewed Journal]

Copyright 2005 The American Finance Association ;2005 the American Finance Association ;Copyright Blackwell Publishers Inc. Jun 2005 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2005.768_1.x ;CODEN: JLFIAN

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Title:
What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide
Author: CHAN, KALOK ; COVRIG, VICENTIU ; NG, LILIAN
Subjects: Asset allocation ; Bias ; Capital market ; Countries ; Data analysis ; Developing countries ; Empirical research ; Equity ; Financial economics ; Financial investments ; Foreign investments ; Foreign markets ; Gross domestic product ; Investment trusts ; Investors ; Manycountries ; Market capitalization ; Market development ; Mutual funds ; Portfolio management ; Stock exchange ; Stock markets ; Studies
Is Part Of: The Journal of finance (New York), 2005-06, Vol.60 (3), p.1495-1534
Description: We examine how mutual funds from 26 developed and developing countries allocate their investment between domestic and foreign equity markets and what factors determine their asset allocations worldwide. We find robust evidence that these funds, in aggregate, allocate a disproportionately larger fraction of investment to domestic stocks. Results indicate that the stock market development and familiarity variables have significant, but asymmetric, effects on the domestic bias (domestic investors overweighting the local markets) and foreign bias (foreign investors under or overweighting the overseas markets), and that economic development, capital controls, and withholding tax variables have significant effects only on the foreign bias.
Publisher: 350 Main Street , Malden , MA 02148 , USA , and 9600 Garsington Road , Oxford OX4 2DQ , UK: Blackwell Publishing, Inc
Language: English
Identifier: ISSN: 0022-1082
EISSN: 1540-6261
DOI: 10.1111/j.1540-6261.2005.768_1.x
CODEN: JLFIAN
Source: Alma/SFX Local Collection

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What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide

Copyright 2005 The American Finance Association ;2005 the American Finance Association ;Copyright Blackwell Publishers Inc. Jun 2005 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2005.768_1.x ;CODEN: JLFIAN

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