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Le Biais Domestique : Concept, Mesure et Explications


Author Info

  • Mohamed El Hedi Arouri

    (LEO - Laboratoire d'économie d'Orleans - CNRS : UMR6221 - Université d'Orléans, EconomiX - CNRS : UMR7166 - Université de Paris X - Nanterre)


Le biais domestique est défini par l'écart entre les parts d'actifs étrangers prédites par la théorie de portefeuilles et les parts effectivement investies dans les titres étrangers. Cet article présente une quantification de la préférence pour les titres domestiques ainsi qu'une analyse critique des explications le plus souvent avancées dans la littérature des marchés financiers du manque de diversification internationale de portefeuilles. Si les explications d'ordre institutionnel paraissent insuffisantes, les facteurs comportementaux et le risque de change suscitent plus d'approfondissement.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number halshs-00204103.

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Date of creation: 11 Jan 2008
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Handle: RePEc:hal:wpaper:halshs-00204103

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Related research

Keywords: Biais Domestique; Gestion de Portefeuille; Diversification Internationale; Intégration Financière.;


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