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Foreign Stock Investment and Sophistication of French Retail Investors

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  • Hava Orkut

Abstract

Based on the MiFID questionnaire answers and banking records of around 7,000 retail investors, we assume that foreign investors (F-investors), who directly invest in foreign stocks, are more sophisticated than domestic investors (D-investors). After a matching, we show that stocks and warrants are more diversified in F-investors? portfolios, while mutual funds, bonds, unit-linked life insurance products and retirement plans are more diversified in those of D-investors. These sophisticated F-investors are more risk tolerant, less sensitive to losses and more financially literate, but exhibit a home bias.

Suggested Citation

  • Hava Orkut, 2021. "Foreign Stock Investment and Sophistication of French Retail Investors," Finance, Presses universitaires de Grenoble, vol. 42(2), pages 39-80.
    • Handle: RePEc:cai:finpug:fina_422_0039
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