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Does Culture Influence Asset Managers? Views and Behavior?
Beckmann, Daniela; Menkhoff, Lukas - 2007
, controlling for various determinants, the dimension of more Individualism predicts less herding behavior, more Power Distance …
Persistent link: https://www.econbiz.de/10010262981
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Does Culture InfluenceAsset Managers’ Views and Behavior?
Beckmann, Daniela; Menkhoff, Lukas; Sutō, Megumi - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2007
, controlling for various determinants, the dimensionof more Individualism predicts less herding behavior, more Power Distanceleads …
Persistent link: https://www.econbiz.de/10005867444
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Information Advantage and Institutional Investors’ Performance in Foreign Markets
Fedenia, Mark - 2017
Traditional portfolio theory predicts that investors' portfolios should be diversified across international markets. In contrast, empirical studies document that investors are more likely to invest in their home country and in familiar foreign markets. These findings imply that investors do not...
Persistent link: https://www.econbiz.de/10012954953
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Information Advantage and Institutional Investors’ Performance in Foreign Markets
Fedenia, Mark - 2017
Traditional portfolio theory predicts that investors' portfolios should be diversified across international markets. In contrast, empirical studies document that investors are more likely to invest in their home country and in familiar foreign markets. These findings imply that investors do not...
Persistent link: https://www.econbiz.de/10012954961
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The Effect of Familiarity with Foreign Markets on Institutional Investors’ Performance
Fedenia, Mark - 2017
Empirical studies document that investors typically deviate significantly from a globally market value weighted portfolio, concentrating their portfolio holdings in securities domiciled in their home country and in familiar foreign markets. Evidence that home country concentration stems from an...
Persistent link: https://www.econbiz.de/10012964217
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National culture and corporate cash holdings around the world
Chen, Yangyang; Dou, Paul Y.; Rhee, S. Ghon; Truong, Cameron - In: Journal of Banking & Finance 50 (2015) C, pp. 1-18
holdings are negatively associated with individualism and positively associated with uncertainty-avoidance. Second …, individualism and uncertainty avoidance influence the precautionary motive for holding cash. Third, firms in individualistic states … in the United States hold less cash than firms in collectivistic states. Fourth, we show that individualism is positively …
Persistent link: https://www.econbiz.de/10011118048
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National cultures and the asset growth effect
Chou, Robin K.; Ko, Kuan-Cheng; Rhee, S. Ghon - In: Journal of derivatives and quantitative studies 31 (2023) 4, pp. 278-308
National cultures significantly explain cross-country differences in the relation between asset growth and stock returns. Motivated by the notion that managers in individualistic and low uncertainty-avoiding cultures have a higher tendency to overinvest, this study aims to show that the negative...
Persistent link: https://www.econbiz.de/10014429292
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Information immobility, industry concentration, and institutional investors' performance
Fedenia, Mark; Shaffer, Sherrill; Skiba, Hilla - Crawford School of Public Policy, Australian National … - 2012
This paper examines foreign institutional investors' portfolio allocation and performance in US securities. We test how information immobility, proxied by cultural and geographical distance between the investors' home markets and the US, influences portfolio strategies. Consistent with...
Persistent link: https://www.econbiz.de/10011201642
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Culture's impact on institutional investors' trading frequency
Beracha, Eli; Fedenia, Mark; Skiba, Hilla - In: International Review of Financial Analysis 31 (2014) C, pp. 34-47
This paper examines how cross-cultural differences influence institutional investors' trading frequency within their own portfolio. We find evidence that as cultural distance between the investors and their stock holdings increases, institutions trade with lower frequency. Findings are...
Persistent link: https://www.econbiz.de/10010738218
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Information immobility, industry concentration, and institutional investors’ performance
Fedenia, Mark; Shafer, Sherrill; Skiba, Hilla - In: Journal of Banking & Finance 37 (2013) 6, pp. 2140-2159
This paper examines foreign institutional investors’ portfolio allocation and performance in US securities. We test how information immobility, proxied by information barriers between the investors’ home markets and the US, influences portfolio strategies. Consistent with theoretical...
Persistent link: https://www.econbiz.de/10010662602