What's in a Name? An Experimental Examination of Investment Behavior
Lucy Ackert (),
Bryan K. Church,
James Tompkins and
Review of Finance, 2005, vol. 9, issue 2, 281-304
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.
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Journal Article: What’s in a Name? An Experimental Examination of Investment Behavior (2005)
Working Paper: What's in a name? An experimental examination of investment behavior (2003)
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