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Who Invests in What? Public Firms Ownership Around the World

Author

Listed:
  • Ines Chaieb

    (University of Geneva - Geneva Finance Research Institute (GFRI); Swiss Finance Institute)

  • Vihang R. Errunza

    (McGill University - Desautels Faculty of Management)

  • Lucie Y. Lu

    (University of Melbourne, Faculty of Business and Economics)

Abstract

We construct a comprehensive database of public firm ownership in 49 countries and study the investment scope and preferences of different types of investors. Aggregate home bias has declined but is still much higher in emerging markets (EMs). Institutions have become more globally diversified but invest in a limited number of stocks. Retail investors remain highly home-biased. Institutions of different domiciles and types continue to show a strong preference for larger, more liquid, and more visible firms in both pooled regressions and country-level analyses but exhibit considerably heterogeneous preferences for other firm characteristics. Retail investors are mostly present in small and illiquid firms.

Suggested Citation

  • Ines Chaieb & Vihang R. Errunza & Lucie Y. Lu, 2024. "Who Invests in What? Public Firms Ownership Around the World," Swiss Finance Institute Research Paper Series 24-72, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2472
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    More about this item

    Keywords

    Institutional investors; emerging markets; international diversification;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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