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Distance, Language, and Culture Bias

其他書名	The Role of Investor Sophistication
出版	SSRN, 2001
URL	http://books.google.com.hk/books?id=gzDBzgEACAAJ&hl=&source=gbs_api

註釋This paper documents that investors are more likely to hold, buy and sell the stocks of Finnish firms that are located close to the investor, that communicate in the investor's native tongue, and that have chief executives of the same cultural background. These distance, language and cultural biases are less prevalent among the most investment-savvy institutions than they are among both households and less savvy institutions. Regression analysis indicates (1) that the marginal effect of distance is less for firms that are more nationally known, and for distances that exceed one hundred kilometers and (2) more sophisticated individuals exhibit less distance bias.