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Discussion Paper Details

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Title: Home Bias at the Fund Level

Author(s): Harald Hau and Hélène Rey

Publication Date: March 2008

Keyword(s): asset allocation, diversification and investment behaviour

Programme Area(s): Financial Economics and International Macroeconomics

Abstract: This paper presents new stylized facts on the distribution of the home bias at the fund level. We find (i) a large heterogeneity in the degree of home bias across mutual funds; (ii) a positive correlation between the size of funds and home bias; and (iii) a positive correlation between the size of funds, the number of foreign countries and the number of sectors in which they invest. These facts constitute a challenge for existing theories.

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Bibliographic Reference

Hau, H and Rey, H. 2008. 'Home Bias at the Fund Level'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=6721