The Review of Financial Studies, Volume 31, Issue 5, 1 May 2018, Pages 1654–1706

国外国内偏差：国内行业和国外投资组合选择

作者：David Schumacher（Desautels Faculty of Management, McGill University）

摘要：国际共同基金在他们的国外投资组合分配中，会更多地配置于在其国内股票市场上相对规模较大的行业。国外行业的总超额分配额相当大，平均超过最大国内行业的100%以上。虽然这种国外行业偏差在一定程度上反映了以熟悉为基础的动机，但关于投资和业绩模式的大量证据总体上与促成这种偏差的专业学习动机是显著一致的。这表明，国内股票市场的行业结构差异代表着国际信息的不对称。

Home Bias Abroad: Domestic Industries and Foreign Portfolio Choice

David Schumacher（Desautels Faculty of Management, McGill University）

ABSTRACT

In their foreign portfolio allocations, international mutual funds overweight industries that are comparatively large in their domestic stock market. Aggregate excess foreign industry allocations are sizeable, on average amounting to over 100% for the largest domestic industries. While this foreign industry bias partly reflects familiarity-based motives, a large body of evidence on investment and performance patterns is, on the whole, remarkably consistent with a specialized learning motive contributing to the bias. This suggests that differences in industry structures across domestic stock markets proxy for international information asymmetries.

原文链接：https://academic.oup.com/rfs/article-abstract/31/5/1654/4644746?redirectedFrom=fulltext

翻译：黄涛