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The Equity Home Bias Puzzle - A Survey (Paperback)
Loot Price: R2,309
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The Equity Home Bias Puzzle - A Survey (Paperback)
Series: Foundations and Trends (R) in Finance
Expected to ship within 10 - 15 working days
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The Equity Home Bias Puzzle: A Survey puts into perspective one of
the strongest and most persistent empirical phenomena in finance:
equity home bias. The authors not only provide a thorough review of
the competing Measures of home bias and the explanations for the
equity home bias proposed in the current literature, but also lay
out the implications of international under-diversification for
portfolio formation and the cost of capital of companies. The
Equity Home Bias Puzzle: A Survey is organized as follows. After an
introduction, Section 1 defines the equity home bias puzzle and
explains why it is important. Section 2 reviews the two main
methods used to quantify equity home bias, the positive and
normative approaches, and shows how alternative home bias Measures
can be constructed using variations or combinations of these two
methods. In Section 3 the authors explain the economic significance
of under-diversification by estimating the total implied discount
and then go on to review the various explanations for equity home
bias-ultimately concluding that each explanation on its own is not
sufficient, suggesting, in Section 4, that equity home bias
reflects a combination of factors. Section 5 lays out the
implications of home bias for investment and corporate finance and
Section 6 concludes that no version of standard portfolio theory
alone has been able to explain it.
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