exhibit a local bias, even when we control for family and friends. In addition to the regular crowd, our sample includes angel …-like investors, who invest considerable amounts and exhibit a larger local bias. Well-diversified investors are less likely to suffer … having a local bias. Overall, we find that investors who direct their investments to local firms more often pick start …

exhibit a local bias, even when we control for family and friends. In addition to the regular crowd, our sample includes angel …-like investors, who invest considerable amounts and exhibit a larger local bias. Well-diversified investors are less likely to suffer … having a local bias. Overall, we find that investors who direct their investments to local firms more often pick start …

stocks (local bias). We hypothesize that individual investors' local bias is not limited to the domestic sphere but instead … also determines their international investment decisions. Our results confirm the presence of a cross-border local bias … companies. The impact of cross-border local bias on investors' bilateral foreign equity investments is economically significant …