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Institutional investors and home bias in Europe’s Capital Markets Union

Zsolt Darvas () and Dirk Schoenmaker ()

Working Papers from Bruegel

Abstract: Integrated capital markets facilitate risk sharing across countries. Lower home bias in financial investments is an indicator of risk sharing. We highlight that existing indicators of equity home bias in the literature suffer from incomplete coverage because they consider only listed equities. We also consider unlisted equites and show that equity home bias is much higher than previous studies perceived. We also analyse home bias in debt securities holdings, and...

Date: 2017-03
New Economics Papers: this item is included in nep-eec and nep-opm
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