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Education and the local equity bias around the world

Udichibarna Bose, Ronald MacDonald and Serafeim Tsoukas

No 2015-76, 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 different facets of education and diversification in international portfolios. We find that university education, mathematical numeracy, in addition to financial skill, play an important role in reducing home bias. After separating countries according to their level of financial development, we find that less developed economies with more university graduates, or with higher level of mathematical numeracy, have lower level of local equity bias compared to more developed countries. 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: 2015-06-19
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Journal Article: Education and the local equity bias around the world (2015) Downloads
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