Home Bias und Risikoaversion

Christoph Iseli

Die Unternehmung - Swiss Journal of Business Research and Practice, 2020, vol. 74, issue 1, 55-81

Abstract: This article analyzes the relationship between the Home Bias and the aggregate risk aversion of single countries. Risk aversion of investors has a different effect on Home Bias in rational and behavioral explanations. Thus, in the context of this study, a distinction can be made between the two main categories of possible causes. The results show that Home Bias is more pronounced when risk aversion and especially ambiguity aversion are higher. This speaks for a behavioral explanation of the phenomenon and against a purely rational weighting of economic factors. The main factor is the familiarity of domestic assets, which are perceived as more familiar and convey a feeling of greater control and security.

Date: 2020
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DOI: 10.5771/0042-059X-2020-1-55

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Die Unternehmung - Swiss Journal of Business Research and Practice is currently edited by Prof. Dr. Artur Baldauf, Universität Bern, Prof. Dr. Manfred Bruhn, Universität Basel, Prof. Dr. Pascal Gantenbein, Universität Basel (geschäftsführend), Prof. Dr. Markus Gmür, Universität Fribourg, Prof. Dr. Klaus Möller, Universität St. Gallen, Prof. Dr. Günter Müller-Stewens, Universität St. Gallen, Prof. Dr. Dr. h.c. Margit Osterloh, Universität Zürich, Prof. Dr. Dieter Pfaff, Universität Zürich and Prof. Dr. Martin Wallmeier, Universität Fribourg

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