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Home Bias und Risikoaversion

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  • Iseli, Christoph

Abstract

This article analyzes the relationship between the Home Bias and the aggregate risk aversion of single countries. Risk aversion of investors has a different effect on Home Bias in rational and behavioral explanations. Thus, in the context of this study, a distinction can be made between the two main categories of possible causes. The results show that Home Bias is more pronounced when risk aversion and especially ambiguity aversion are higher. This speaks for a behavioral explanation of the phenomenon and against a purely rational weighting of economic factors. The main factor is the familiarity of domestic assets, which are perceived as more familiar and convey a feeling of greater control and security.

Suggested Citation

  • Iseli, Christoph, 2020. "Home Bias und Risikoaversion," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 74(1), pages 55-81.
    • Handle: RePEc:nms:untern:10.5771/0042-059x-2020-1-55
    DOI: 10.5771/0042-059X-2020-1-55
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