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Individual Investors’ Portfolio Choice and Birthplace Bias Evidence from portfolios of European investors – the case of Sweden
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- Lindblom, Ted, 1956 (författare)
- Gothenburg University,Göteborgs universitet,Företagsekonomiska institutionen, Industriell och Finansiell ekonomi & logistik,Department of Business Administration, Industrial and Financial Management & Logistics
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- Mavruk, Taylan, 1977 (författare)
- Gothenburg University,Göteborgs universitet,Företagsekonomiska institutionen, Industriell och Finansiell ekonomi & logistik,Centrum för finans,Department of Business Administration, Industrial and Financial Management & Logistics,Centre for Finance
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- Sjögren, Stefan, 1965 (författare)
- Gothenburg University,Göteborgs universitet,Företagsekonomiska institutionen, Industriell och Finansiell ekonomi & logistik,Department of Business Administration, Industrial and Financial Management & Logistics
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(creator_code:org_t)
- 2013
- 2013
- Engelska.
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Ingår i: Mölle 2013, The 15h Annual SNEE European Integration Conference.
- Relaterad länk:
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https://gup.ub.gu.se...
Abstract
Ämnesord
Stäng
- Geographical proximity bias of investors is a widely studied phenomenon. In previous research, the main focus has been on the distortion of US portfolios. The empirical evidence from Europe is rather limited. Using Swedish data, this paper examines whether the geographical proximity bias of individual investors stems from information asymmetry or behavioral factors. We introduce the concept of ‘birthplace bias’ and find that the proximity bias is strongest for investors who have never moved away from the area in which they were born. The bias is stronger the longer the investor has lived in the same geographical area. However, neither local bias nor birthplace bias demonstrates an advantage in terms of abnormal portfolio return. This result implies that proximity bias is not driven by information asymmetry, which may have policy implications with regard to the confidence in financial markets.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Business Administration (hsv//eng)
Nyckelord
- birthplace bias
- local bias
- individual investors
- information asymmetry.
Publikations- och innehållstyp
- vet (ämneskategori)
- kon (ämneskategori)