The role of education in equity portfolios during the recent financial crisis

Udichibarna Bose, Ronald MacDonald and Serafeim Tsoukas

No 2015-26, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: Using a panel of 38 economies, over the period 2001 to 2010, we analyse the link between diversification in equity portfolios and different facets of education. We find that traditionally used measures of education play an important role in reducing equity home bias. After separating countries according to their level of financial development, we find that less developed economies tend to benefit more from an improvement in the level of education compared to their more developed counterparts. We also find that the beneficial effect of education is more pronounced during the most recent financial crisis, especially for economies with less developed financial markets.

Keywords: Home bias; Equity markets; International diversification; Education; Financial crisis (search for similar items in EconPapers)
Date: 2014
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Working Paper: The role of education in equity portfolios during the recent financial crisis (2014)
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