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dc.contributor.authorBaltzer, Markusen
dc.contributor.authorStolper, Oscaren
dc.contributor.authorWalter, Andreasen
dc.date.accessioned2011-11-23T14:49:47Z-
dc.date.available2011-11-23T14:49:47Z-
dc.date.issued2011-
dc.identifier.isbn978-3-86558-751-0en
dc.identifier.urihttp://hdl.handle.net/10419/52130-
dc.description.abstractWe analyze the effect of geographic proximity on individual investors' portfolio choice. Using a unique data set which covers the common stockholdings of private households at regional banks in Germany, we document strong and consistent overinvestment in geographically close companies. Our results conclusively reject the presence of an informational advantage ('home-field advantage') of local over non-local investors. Instead, households' preference for local equity turns out to be familiarity-driven. We conclude that individual investors' local bias is induced by ambiguity aversion in the portfolio selection process rather than a trading strategy based on superior information about local companies.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2011,23en
dc.subject.jelG01en
dc.subject.jelG11en
dc.subject.jelG14en
dc.subject.ddc330en
dc.subject.keywordlocal biasen
dc.subject.keywordportfolio diversificationen
dc.subject.keywordhousehold financeen
dc.subject.keywordinvestor behaviouren
dc.subject.keywordambiguity aversionen
dc.titleHome-field advantage or a matter of ambiguity aversion? Local bias among German individual investors-
dc.typeWorking Paperen
dc.identifier.ppn671532650en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:201123en

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