Private Information, Human Capital, and Optimal "Home Bias" in Financial Markets
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By allowing for imperfectly informed markets and the role of private information, we offer new insights about observed deviations of portfolio concentrations in domestic relative to foreign risky assets, or "home bias", from what standard finance models predict. Our model ascribes the "bias" to
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美国国家经济研究局创建时间：
2010-01-01
