Information costs and home bias: an analysis of US holdings of foreign equities

A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity

1980 • 25,774 citations

Law and Finance

1998 • 17,512 citations

CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*

1964 • 15,720 citations

Corporate Ownership Around the World

1999 • 10,370 citations

THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors…

1975 • 7,346 citations

Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk

1964 • 7,201 citations

The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets

1965 • 7,112 citations

A Simple Model of Capital Market Equilibrium with Incomplete Information

1987 • 5,293 citations

Law and Finance

1996 • 3,108 citations

Domestic Saving and International Capital Flows

1980 • 2,813 citations

Home Bias at Home: Local Equity Preference in Domestic Portfolios

1999 • 2,810 citations

Corporate Ownership Around the World

1998 • 2,211 citations

Foreign Speculators and Emerging Equity Markets

2000 • 1,914 citations

The determinants of cross-border equity flows

2004 • 1,673 citations

How Distance, Language, and Culture Influence Stockholdings and Trades

2001 • 1,650 citations

Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan

1997 • 1,625 citations

Trying to Explain Home Bias in Equities and Consumption

1999 • 1,476 citations

Home bias and high turnover

1995 • 1,318 citations

The World Price of Insider Trading

2002 • 1,271 citations

A Simple Model of Capital Market Equilibrium with Incomplete Information

1987 • 1,247 citations

The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States

1999 • 1,130 citations

The effects of dividend yield and dividend policy on common stock prices and returns

1974 • 1,034 citations

Direct foreign ownership, institutional investors, and firm characteristics

2001 • 897 citations

The Geography of Equity Listing: Why Do Companies List Abroad?

2002 • 888 citations

The market reaction to international cross-listings: evidence from Depositary Receipts

1999 • 780 citations

NBER Macroeconomics Annual 2005

2006 • 760 citations

Capital Account Liberalization: What Do Cross-Country Studies Tell Us?

2001 • 733 citations

The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?

2000 • 710 citations

On the Effects of Barriers to International Investment

1981 • 662 citations

Why Do Companies List Shares Abroad?: A Survey of the Evidence and Its Managerial Implications

1998 • 593 citations

International capital market equilibrium with investment barriers

1974 • 570 citations

International Cross-Listing and Visibility

2002 • 512 citations

The Overseas Listing Decision: New Evidence of Proximity Preference

2003 • 480 citations

U.S. Equity Investment in Foreign Markets: Portfolio Rebalancing or Return Chasing?

2016 • 475 citations

A simple measure of the intensity of capital controls

2003 • 475 citations

The Sampling Error in Estimates of Mean‐Variance Efficient Portfolio Weights

1999 • 467 citations

Why are Foreign Firms Listed in the U.S. Worth More?

2001 • 466 citations

Liquidity, Volatility and Equity Trading Costs Across Countries and Over Time

2001 • 383 citations

Effects of Market Reform on the Trading Costs and Depths of Nasdaq Stocks

1999 • 351 citations

ADRs, Analysts, and Accuracy: Does Cross Listing in the U.S. Improve a Firm's Information Environment and Increase Market Value?

2002 • 328 citations

Are Financial Assets Priced Locally or Globally?

2001 • 319 citations

Chapter 16 Are financial assets priced locally or globally?

2003 • 306 citations

An Empirical Study of Selected Factors Influencing the Decision to List on Foreign Stock Exchanges

1988 • 270 citations

A Theoretical Analysis of the Investor Protection Regulations Argument for Global Listing of Stocks

1998 • 212 citations

Brookings-Wharton papers on financial services

1998 • 195 citations

The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the U.S.

1998 • 189 citations

On the Effects of Barriers to International Investment

1981 • 176 citations

Home bias and high turnover reconsidered

2002 • 156 citations

Globalization of Equity Markets and the Cost of Capital

1999 • 145 citations

Is Globalization Today Really Different than Globalization a Hunderd Years Ago

1999 • 129 citations

Costs to crossborder investment and international equity market equilibrium

1986 • 123 citations

The Costs, Wealth Effects, and Determinants of International Capital Raising: Evidence from Public Yankee Bonds

2002 • 114 citations

The Geography of Equity Listing: Why Do European Companies List Abroad?

2000 • 114 citations

The U.S. System for Measuring Cross-Border Investment in Securities: A Primer with a Discussion of Recent Developments

2001 • 112 citations

The Overseas Listing Decision: New Evidence of Proximity Preference

2003 • 89 citations

The Determinants of Cross-Border Equity Flows: The Geography of Information

2000 • 86 citations

Financial Centers and the Geography of Capital Flows

2002 • 81 citations

Recent Developments in Corporate Finance

1986 • 71 citations

Financial Centres and the Geography of Capital Flows

2003 • 62 citations

The U.S. System for Measuring Cross-Border Investment in Securities: A Primer with a Discussion of Recent Developments

2001 • 56 citations

An investor protection regulations argument for global listing of stocks : a theoretical analysis and empirical validation

1997 • 52 citations

The Evolution of Global Standards in Accounting

2000 • 19 citations

Foreign Companies and U.S. Securities Markets in a Time of Economic Transformation

1994 • 16 citations

The Geography of Capital Flows: What We Can Learn from Benchmark Surveys of Foreign Equity Holdings

2001 • 14 citations