We establish currency as an important factor shaping global portfolios. Using a new security-
level data set, we demonstrate that investor holdings are biased toward their own currencies …

This paper contributes to the literature by empirically documenting the importance of investor
heterogeneity and security level characteristics for international investment positions. We …

The relationship between the cultural dimension of uncertainty avoidance and investment
underdiversification is examined. A theoretical link between uncertainty avoidance and …

This book provides a comprehensive and critical analysis of research outcomes on the
equity home bias puzzle–that people overinvest in domestic stocks relative to the …

Extant research has documented a substantial impact of culture and patriotism on equity
home bias. This paper examines whether culture and patriotism influence home bias in …

This paper studies patterns in ownership of Finnish stocks and bonds in 2015, and changes
in shareownership patterns between 1995 and 2015. Our key findings are as follows.(1) In …

Using a panel of 38 economies, over the period 2001–2010, we analyse the link between
different facets of education and diversification in international portfolios. We find that …

The paper examines conditional risk relationships among sovereign CDS prices and stock
market indices for 11 economies with particular relevance for international portfolio …

Using a novel security-by-security dataset, this paper distinguishes investor preferences for
euro-denominated debt securities from investor preferences for debt securities issued by …

In this study we examine whether theoretically inconsistent foreign bond allocations are
associated with economic fundamentals and/or non-economic behavioural factors. Using …