论文部分内容阅读
传统的金融理论认为,投资者应该分散其在金融市场的投资组合,以此降低资产风险水平,并能获取较高的收益率。然而,现实中投资主体的投资行为并非如此。由于投资受到投资主体个人非理性行为和决策的影响,金融市场常出现异于经典金融学理论的金融行为。本地偏好(home bias or local bias)是行为金融理论对传统投资组合理论的有效补充。Kenneth R.French and James M.Poterba(1991)首次从地理的角度考察了跨国投资的本地偏好,其研究发现:对于1990年世界最大的五个股票市场美国、日本、英国、法国和德国,国内投资者对本国股票的持有比率均超过80%,表现出强烈的本地偏好。本地偏好是现代金融市场中常见的一种重要的投资现象,对现代金融理论的发展、资产定价和价格发现均有重大意义。
Traditional financial theory holds that investors should diversify their portfolios in financial markets in order to reduce the level of asset risk and obtain higher returns. However, the actual investment behavior of investors is not the case. Due to the irrational individual investment behavior and decision-making, the financial market often appears different from the classical financial theory of financial behavior. Home bias (or local bias) is an effective complement to traditional portfolio theory by behavioral finance theory. For the first time, Kenneth R. French and James M. Poterba (1991) examined the local preferences of cross-border investments geographically and found that for the five largest stock markets in the world in 1990, the United States, Japan, the United Kingdom, France, Germany and China Investors hold more than 80% of their equity holdings and show strong local preferences. Local preferences are an important investment phenomenon commonly found in modern financial markets. They have great significance for the development of modern financial theory, asset pricing and price discovery.