Home Bias, an Academic Puzzle

G. Karolyi ()

Review of Finance, 2016, vol. 20, issue 6, 2049-2078

Abstract: Only 16% (23%) of all empirical studies published in the top four (fourteen) Finance journals examine non-US markets, a fraction that is well below measures reflecting their economic importance. This “home bias” measure fluctuates across years with a weakly declining trend. There is also a “foreign bias” in which some non-US countries are more frequently the subject of published papers than others. I am able to explain only a small fraction of either the home-bias or the foreign-bias puzzles. Surprisingly, there are on average 2.01 higher annual cumulative citations per non-US paper published relative to cohort-matched US-focused papers.

JEL-codes: A14 F60 G10 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (41)

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