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

Udichibarna Bose, Ronald MacDonald and Serafeim Tsoukas
Authors registered in the RePEc Author Service: Yang Zhao

Working Papers from Business School - Economics, University of Glasgow

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)
JEL-codes: E20 F30 G11 G23 (search for similar items in EconPapers)
Date: 2014-10
New Economics Papers: this item is included in nep-for, nep-ore and nep-rmg
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Working Paper: The role of education in equity portfolios during the recent financial crisis (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:gla:glaewp:2014_17

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