Location choice, portfolio choice
Author
Abstract
Suggested Citation
DOI: 10.1016/j.jfineco.2019.10.010
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Zoran Ivković & Scott Weisbenner, 2005.
"Local Does as Local Is: Information Content of the Geography of Individual Investors' Common Stock Investments,"
Journal of Finance, American Finance Association, vol. 60(1), pages 267-306, February.
- Scott Weisbenner & Zoran Ivkovich, 2003. "Local Does as Local Is: Information Content of the Geography of Individual Investors' Common Stock Investments," NBER Working Papers 9685, National Bureau of Economic Research, Inc.
- François Bourguignon & Martin Fournier & Marc Gurgand, 2007.
"Selection Bias Corrections Based On The Multinomial Logit Model: Monte Carlo Comparisons,"
Journal of Economic Surveys, Wiley Blackwell, vol. 21(1), pages 174-205, February.
- François Bourguignon & Martin Fournier & Marc Gurgand, 2004. "Selection Bias Corrections Based on the Multinomial Logit Model: Monte-Carlo Comparisons," DELTA Working Papers 2004-20, DELTA (Ecole normale supérieure).
- François Bourguignon & Marc Gurgand & Martin Fournier, 2007. "Selection bias corrections based on the multinomial logit model: Monte Carlo comparisons," PSE-Ecole d'économie de Paris (Postprint) halshs-00201372, HAL.
- François Bourguignon & Marc Gurgand & Martin Fournier, 2007. "Selection bias corrections based on the multinomial logit model: Monte Carlo comparisons," Post-Print halshs-00201372, HAL.
- Michael W. Brandt & Pedro Santa-Clara & Rossen Valkanov, 2009.
"Parametric Portfolio Policies: Exploiting Characteristics in the Cross-Section of Equity Returns,"
The Review of Financial Studies, Society for Financial Studies, vol. 22(9), pages 3411-3447, September.
- Michael W. Brandt & Pedro Santa-Clara & Rossen Valkanov, 2004. "Parametric Portfolio Policies: Exploiting Characteristics in the Cross Section of Equity Returns," NBER Working Papers 10996, National Bureau of Economic Research, Inc.
- Brandt, Michael W & Santa-Clara, Pedro & Valkanov, Rossen, 2005. "Parametric Portfolio Policies: Exploiting Characteristics in the Cross Section of Equity Returns," University of California at Los Angeles, Anderson Graduate School of Management qt4ft420b6, Anderson Graduate School of Management, UCLA.
- Joshua D. Angrist & Jörn-Steffen Pischke, 2009. "Mostly Harmless Econometrics: An Empiricist's Companion," Economics Books, Princeton University Press, edition 1, number 8769.
- François Ortalo-Magné & Andrea Prat, 2016.
"Spatial Asset Pricing: A First Step,"
Economica, London School of Economics and Political Science, vol. 83(329), pages 130-171, January.
- Francois Ortalo-Magne & Andrea Prat, 2010. "Spatial Asset Pricing: A First Step," STICERD - Theoretical Economics Paper Series 546, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Ortalo-Magné, François & Prat, Andrea, 2010. "Spatial Asset Pricing: A First Step," CEPR Discussion Papers 7842, C.E.P.R. Discussion Papers.
- George M Korniotis & Alok Kumar, 2011. "Do Older Investors Make Better Investment Decisions?," The Review of Economics and Statistics, MIT Press, vol. 93(1), pages 244-265, February.
- Sinha, Paramita & Caulkins, Martha L. & Cropper, Maureen L., 2018.
"Household location decisions and the value of climate amenities,"
Journal of Environmental Economics and Management, Elsevier, vol. 92(C), pages 608-637.
- Paramita Sinha & Maureen L. Cropper & Martha Caulkins, 2015. "Household Location Decisions and the Value of Climate Amenities," NBER Working Papers 21826, National Bureau of Economic Research, Inc.
- Sinha, Paramita & Cropper, Maureen, 2016. "Household Location Decisions and the Value of Climate Amenities," RFF Working Paper Series dp-16-02, Resources for the Future.
- G.M. Constantinides & M. Harris & R. M. Stulz (ed.), 2013. "Handbook of the Economics of Finance," Handbook of the Economics of Finance, Elsevier, volume 2, number 2-a.
- William N. Goetzmann & Alok Kumar, 2008.
"Equity Portfolio Diversification,"
Review of Finance, European Finance Association, vol. 12(3), pages 433-463.
- William N. Goetzmann & Alok Kumar, 2001. "Equity Portfolio Diversification," NBER Working Papers 8686, National Bureau of Economic Research, Inc.
- William N. Goetzmann & Alok Kumar, 2004. "Equity Portfolio Diversification," Yale School of Management Working Papers ysm17, Yale School of Management.
- Alok Kumar & William N. Goetzmann, 2001. "Equity Portfolio Diversification," Yale School of Management Working Papers ysm236, Yale School of Management.
- Massimo Massa & Andrei Simonov, 2006.
"Hedging, Familiarity and Portfolio Choice,"
The Review of Financial Studies, Society for Financial Studies, vol. 19(2), pages 633-685.
- Massa, Massimo & Simonov, Andrei, 2004. "Hedging, Familiarity and Portfolio Choice," SIFR Research Report Series 21, Institute for Financial Research.
- Massa, Massimo & Simonov, Andrei, 2004. "Hedging, Familiarity and Portfolio Choice," CEPR Discussion Papers 4789, C.E.P.R. Discussion Papers.
- Greg Kaplan & Sam Schulhofer‐Wohl, 2017.
"Understanding The Long‐Run Decline In Interstate Migration,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 58, pages 57-94, February.
- Greg Kaplan & Sam Schulhofer-Wohl, 2012. "Understanding the long-run decline in interstate migration," Working Papers 697, Federal Reserve Bank of Minneapolis.
- Greg Kaplan & Sam Schulhofer-Wohl, 2012. "Understanding the Long-Run Decline in Interstate Migration," NBER Working Papers 18507, National Bureau of Economic Research, Inc.
- French, Kenneth R & Poterba, James M, 1991.
"Investor Diversification and International Equity Markets,"
American Economic Review, American Economic Association, vol. 81(2), pages 222-226, May.
- Kenneth R. French & James M. Poterba, 1991. "Investor Diversification and International Equity Markets," NBER Working Papers 3609, National Bureau of Economic Research, Inc.
- Gordon B. Dahl, 2002.
"Mobility and the Return to Education: Testing a Roy Model with Multiple Markets,"
Econometrica, Econometric Society, vol. 70(6), pages 2367-2420, November.
- Gordon B. Dahl, 1997. "Mobility and the Returns to Education: Testing A Roy Model With Multiple Markets," Working Papers 760, Princeton University, Department of Economics, Industrial Relations Section..
- Gordon B. Dahl, 2002. "Mobility and the Return to Education: Testing a Roy Model with Multiple Markets," RCER Working Papers 488, University of Rochester - Center for Economic Research (RCER).
- Heckman, James, 2013.
"Sample selection bias as a specification error,"
Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
- Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-161, January.
- Rebecca Diamond, 2016.
"The Determinants and Welfare Implications of US Workers' Diverging Location Choices by Skill: 1980-2000,"
American Economic Review, American Economic Association, vol. 106(3), pages 479-524, March.
- Diamond, Rebecca, 2013. "The Determinants and Welfare Implications of US Workers' Diverging Location Choices by Skill: 1980-2000," Research Papers 3143, Stanford University, Graduate School of Business.
- Joshua D. Coval & Tobias J. Moskowitz, 1999. "Home Bias at Home: Local Equity Preference in Domestic Portfolios," Journal of Finance, American Finance Association, vol. 54(6), pages 2045-2073, December.
- Mark Grinblatt & Matti Keloharju, 2001. "How Distance, Language, and Culture Influence Stockholdings and Trades," Journal of Finance, American Finance Association, vol. 56(3), pages 1053-1073, June.
- Christo Pirinsky & Qinghai Wang, 2006. "Does Corporate Headquarters Location Matter for Stock Returns?," Journal of Finance, American Finance Association, vol. 61(4), pages 1991-2015, August.
- García, Diego & Norli, Øyvind, 2012. "Geographic dispersion and stock returns," Journal of Financial Economics, Elsevier, vol. 106(3), pages 547-565.
- Heath, Chip & Tversky, Amos, 1991. "Preference and Belief: Ambiguity and Competence in Choice under Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 4(1), pages 5-28, January.
- Terrance Odean, 1999. "Do Investors Trade Too Much?," American Economic Review, American Economic Association, vol. 89(5), pages 1279-1298, December.
- Harrison Hong & Wenxi Jiang & Na Wang & Bin Zhao, 2014. "Trading for Status," The Review of Financial Studies, Society for Financial Studies, vol. 27(11), pages 3171-3212.
- Badarinza, Cristian & Ramadorai, Tarun, 2018. "Home away from home? Foreign demand and London house prices," Journal of Financial Economics, Elsevier, vol. 130(3), pages 532-555.
- repec:bla:jfinan:v:59:y:2004:i:4:p:1677-1716 is not listed on IDEAS
- Selale Tuzel & Miao Ben Zhang, 2017. "Local Risk, Local Factors, and Asset Prices," Journal of Finance, American Finance Association, vol. 72(1), pages 325-370, February.
- Antonio Gargano & Alberto G Rossi, 2018. "Does It Pay to Pay Attention?," The Review of Financial Studies, Society for Financial Studies, vol. 31(12), pages 4595-4649.
- Juan‐Pedro Gómez & Richard Priestley & Fernando Zapatero, 2009. "Implications of Keeping‐Up‐with‐the‐Joneses Behavior for the Equilibrium Cross Section of Stock Returns: International Evidence," Journal of Finance, American Finance Association, vol. 64(6), pages 2703-2737, December.
- Roberts, Michael R. & Whited, Toni M., 2013. "Endogeneity in Empirical Corporate Finance1," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 493-572, Elsevier.
- G.M. Constantinides & M. Harris & R. M. Stulz (ed.), 2013. "Handbook of the Economics of Finance," Handbook of the Economics of Finance, Elsevier, volume 2, number 2-b.
- Fama, Eugene F & French, Kenneth R, 1992. "The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
- Huberman, Gur, 2001. "Familiarity Breeds Investment," The Review of Financial Studies, Society for Financial Studies, vol. 14(3), pages 659-680.
- Brad M. Barber & Terrance Odean, 2000. "Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors," Journal of Finance, American Finance Association, vol. 55(2), pages 773-806, April.
- Mark S. Seasholes & Ning Zhu, 2010. "Individual Investors and Local Bias," Journal of Finance, American Finance Association, vol. 65(5), pages 1987-2010, October.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- repec:acb:cbeeco:2023-698 is not listed on IDEAS
- Kong, Dongmin & Zhao, Zhao, 2024. "Overseas exposures, global events, and mutual fund performance," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 848-863.
- Yaling Li & Ronghua Luo & Kailing Shen, 2024. "Information Acquisition and Individual Investors’ Trading Behavior," ANU Working Papers in Economics and Econometrics 2024-698, Australian National University, College of Business and Economics, School of Economics.
- He, Xinao & Xu, Runguo & Sun, Kai & Wang, Jian, 2024. "Population intensity, location choice, and investment portfolio selection: A case of emerging economies," International Review of Financial Analysis, Elsevier, vol. 94(C).
- Ma, Rui & Marshall, Ben R. & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2022. "Climate events and return comovement," Journal of Financial Markets, Elsevier, vol. 61(C).
- Shi, Lina & Gong, Stephen & Wang, Xingang, 2021. "Social network, corporate governance, and rent extraction in CEO compensation: Evidence from spatial econometric models," The British Accounting Review, Elsevier, vol. 53(4).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Ioannis Branikas & Harrison Hong & Jiangmin Xu, 2017. "Location Choice, Portfolio Choice," NBER Working Papers 23040, National Bureau of Economic Research, Inc.
- Baltzer, Markus & Stolper, Oscar & Walter, Andreas, 2011. "Home-field advantage or a matter of ambiguity aversion? Local bias among German individual investors," Discussion Paper Series 1: Economic Studies 2011,23, Deutsche Bundesbank.
- Mariassunta Giannetti & Tracy Yue Wang, 2016.
"Corporate Scandals and Household Stock Market Participation,"
Journal of Finance, American Finance Association, vol. 71(6), pages 2591-2636, December.
- Giannetti, Mariassunta & Wang, Tracy Yue, 2014. "Corporate Scandals and Household Stock Market Participation," CEPR Discussion Papers 9834, C.E.P.R. Discussion Papers.
- Shao, Ran & Wang, Na, 2021. "Trust and local bias of individual investors," Journal of Banking & Finance, Elsevier, vol. 133(C).
- Guiso, Luigi & Sodini, Paolo, 2013.
"Household Finance: An Emerging Field,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 1397-1532,
Elsevier.
- Luigi Guiso & Paolo Sodini, 2012. "Household Finance. An Emerging Field," EIEF Working Papers Series 1204, Einaudi Institute for Economics and Finance (EIEF), revised Mar 2012.
- Guiso, Luigi, 2012. "Household Finance: An Emerging Field," CEPR Discussion Papers 8934, C.E.P.R. Discussion Papers.
- Li, Mingsheng & Zhao, Xin, 2016. "Neighborhood effect on stock price comovement," The North American Journal of Economics and Finance, Elsevier, vol. 35(C), pages 1-22.
- Green, T. Clifton & Jame, Russell, 2013. "Company name fluency, investor recognition, and firm value," Journal of Financial Economics, Elsevier, vol. 109(3), pages 813-834.
- John R. Graham & Campbell R. Harvey & Hai Huang, 2009.
"Investor Competence, Trading Frequency, and Home Bias,"
Management Science, INFORMS, vol. 55(7), pages 1094-1106, July.
- John R. Graham & Campbell R. Harvey & Hai Huang, 2005. "Investor Competence, Trading Frequency, and Home Bias," NBER Working Papers 11426, National Bureau of Economic Research, Inc.
- Baltzer, Markus & Stolper, Oscar & Walter, Andreas, 2013.
"Is local bias a cross-border phenomenon? Evidence from individual investors’ international asset allocation,"
Journal of Banking & Finance, Elsevier, vol. 37(8), pages 2823-2835.
- Baltzer, Markus & Stolper, Oscar & Walter, Andreas, 2013. "Is local bias a cross-border phenomenon? Evidence from individual investors' international asset allocation," Discussion Papers 18/2013, Deutsche Bundesbank.
- Phelim Boyle & Lorenzo Garlappi & Raman Uppal & Tan Wang, 2012.
"Keynes Meets Markowitz: The Trade-Off Between Familiarity and Diversification,"
Management Science, INFORMS, vol. 58(2), pages 253-272, February.
- Uppal, Raman & Boyle, Phelim & Wang, Tan & Garlappi, Lorenzo, 2010. "Keynes Meets Markowitz: The Trade-off Between Familiarity and Diversification," CEPR Discussion Papers 7687, C.E.P.R. Discussion Papers.
- John Y. Campbell, 2006.
"Household Finance,"
Journal of Finance, American Finance Association, vol. 61(4), pages 1553-1604, August.
- John Y. Campbell, 2006. "Household Finance," NBER Working Papers 12149, National Bureau of Economic Research, Inc.
- Campbell, John, 2006. "Household Finance," Scholarly Articles 3157877, Harvard University Department of Economics.
- Eduard Gaar & David Scherer & Dirk Schiereck, 2022. "The home bias and the local bias: A survey," Management Review Quarterly, Springer, vol. 72(1), pages 21-57, February.
- Barber, Brad M. & Odean, Terrance, 2013. "The Behavior of Individual Investors," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 1533-1570, Elsevier.
- Berry, Thomas & Gamble, Keith Jacks, 2013. "Informed local trading prior to earnings announcements," Journal of Financial Markets, Elsevier, vol. 16(3), pages 505-525.
- Bui, Dien Giau & Hasan, Iftekhar & Lin, Chih-Yung & Zhai, Rui-Xiang, 2022. "Income, trading, and performance: Evidence from retail investors," Journal of Empirical Finance, Elsevier, vol. 66(C), pages 176-195.
- Qian Chen & Xiang Gao & Jianming Mo & Zhouling Xu, 2022. "Market Reaction to Local Attention around Earnings Announcements in China: Evidence from Internet Search Activity," IJFS, MDPI, vol. 10(4), pages 1-26, October.
- Serkan Karadas & Jorida Papakroni, 2019. "Local predictive ability of analyst recommendations," Review of Financial Economics, John Wiley & Sons, vol. 37(3), pages 351-371, July.
- Itzhak Venezia, 2018. "Lecture Notes in Behavioral Finance," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 10751, September.
- Aabo, Tom & Lee, Suin & Pantzalis, Christos & Park, Jung Chul, 2020. "Know thy neighbor: Political uncertainty and the informational advantage of local institutional investors," Journal of Banking & Finance, Elsevier, vol. 113(C).
- Bo Becker & Zoran Ivković & Scott Weisbenner, 2011.
"Local Dividend Clienteles,"
Journal of Finance, American Finance Association, vol. 66(2), pages 655-683, April.
- Bo Becker & Zoran Ivković & Scott Weisbenner, 2009. "Local Dividend Clienteles," NBER Working Papers 15175, National Bureau of Economic Research, Inc.
More about this item
Keywords
Location choice; Portfolio choice; Household finance; Local bias; Selection correction;All these keywords.
JEL classification:
- D1 - Microeconomics - - Household Behavior
- G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
- G1 - Financial Economics - - General Financial Markets
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jfinec:v:138:y:2020:i:1:p:74-94. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505576 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.