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What’s in a Name? An Experimental Examination of Investment Behavior

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Author Info

  • Lucy Ackert
  • Bryan Church
  • James Tompkins
  • Ping Zhang

Abstract

A fundamental unresolved issue is whether information asymmetries underlie investors’ predisposition to invest close to home (i.e., domestically or locally). We conduct experiments in the United States and Canada to investigate agents’ portfolio allocation decisions, controlling for the availability of information. Providing participants with information about a firm’s home base, without disclosing its specific identity, is not sufficient to change investment behavior. Rather, participants need to know a firm’s name and home base. Additional evidence indicates that participants have a greater perceived familiarity with local and domestic securities and, in turn, invest more in such securities. Copyright Springer 2005

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File URL: http://hdl.handle.net/10.1007/s10679-005-7594-2
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Bibliographic Info

Article provided by Springer in its journal Review of Finance.

Volume (Year): 9 (2005)
Issue (Month): 2 (06)
Pages: 281-304

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Handle: RePEc:kap:eurfin:v:9:y:2005:i:2:p:281-304

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Web page: http://springerlink.metapress.com/link.asp?id=111870

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Cited by:
  1. H. Henry Cao & Bing Han & David Hirshleifer & Harold H. Zhang, 2011. "Fear of the Unknown: Familiarity and Economic Decisions," Review of Finance, European Finance Association, vol. 15(1), pages 173-206.
  2. Baltzer, Markus & Stolper, Oscar & Walter, Andreas, 2011. "Home-field advantage or a matter of ambiguity aversion? Local bias among German individual investors," Discussion Paper Series 1: Economic Studies 2011,23, Deutsche Bundesbank, Research Centre.
  3. John Ammer & Sara B. Holland & David C. Smith & Francis E. Warnock, 2004. "Look at me now: the role of cross-listing in attracting U.S. investors," International Finance Discussion Papers 815, Board of Governors of the Federal Reserve System (U.S.).
  4. John Ammer & Sara B. Holland & David C. Smith & Francis E. Warnock, 2006. "Look at Me Now: What Attracts U.S. Shareholders?," NBER Working Papers 12500, National Bureau of Economic Research, Inc.

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