What's in a Name: An Experimental Examination of Investment Behavior

Lucy F. Ackert (), Bryan K. Church, James Tompkins and Ping Zhang

Review of Finance, 2005, vol. 9, issue 2, pages 281-304

Abstract: A fundamental unresolved issue is whether information asymmetries underlie investors' predisposition to invest close to home (i.e., domestically or locally). We conduct experiments in the United States and Canada to investigate agents' portfolio allocation decisions, controlling for the availability of information. Providing participants with information about a firm's home base, without disclosing its specific identity, is not sufficient to change investment behavior. Rather, participants need to know a firm's name and home base. Additional evidence indicates that participants have a greater perceived familiarity with local and domestic securities and, in turn, invest more in such securities. Copyright 2005, Oxford University Press.

Date: 2005
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Working Paper: What's in a name? An experimental examination of investment behavior (2003)
Journal Article: What’s in a Name? An Experimental Examination of Investment Behavior (2005)
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