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dc.contributor.authorChristelis, Dimitrisen
dc.contributor.authorGeorgarakos, Dimitrisen
dc.date.accessioned2010-03-29-
dc.date.accessioned2010-12-15T09:22:51Z-
dc.date.available2010-12-15T09:22:51Z-
dc.date.issued2009-
dc.identifier.piurn:nbn:de:hebis:30-73586en
dc.identifier.urihttp://hdl.handle.net/10419/43267-
dc.description.abstractWe investigate US households' direct investment in stocks, bonds and liquid accounts and their foreign counterparts, in order to identify the different participation hurdles affecting asset investment domestically and overseas. To this end, we estimate a trivariate probit model with three further selection equations that allows correlations among unobservables of all possible asset choices. Our results point to the existence of a second hurdle that stock owners need to overcome in order to invest in foreign stocks. Among stockholders, we show that economic resources, willingness to assume greater financial risks, shopping around for the best investment opportunities all increase the probability to invest in foreign stocks. Furthermore, we find that households who seek financial advice from relatives, friends and work contacts are less likely to invest in foreign stocks. This result corroborates the conjecture by Hong et al. (2004) that social interactions should discourage investment in foreign stocks, given their limited popularity. On the other hand, we find little evidence for additional pecuniary or informational costs associated with investment in foreign bonds and liquid accounts. Finally, we show that ignoring correlations of unobservables across different asset choices can lead to very misleading results.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2009/28en
dc.subject.jelC35en
dc.subject.jelD14en
dc.subject.jelG11en
dc.subject.jelG35en
dc.subject.ddc330en
dc.subject.keywordForeign Assetsen
dc.subject.keywordHousehold Financeen
dc.subject.keywordStockholdingen
dc.subject.keywordMultivariate Probiten
dc.subject.keywordSimulated Maximum Likelihooden
dc.subject.keywordSelectionen
dc.subject.stwKapitalanlageen
dc.subject.stwPortfolio-Investitionen
dc.subject.stwPrivater Haushalten
dc.subject.stwAnlageverhaltenen
dc.subject.stwSchätzungen
dc.subject.stwUSAen
dc.titleInvesting at home and abroad: Different costs, different people-
dc.typeWorking Paperen
dc.identifier.ppn622759841en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200928en

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