股票市场开放与本国偏好之谜
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外国经济与管理 2004 年 第 26 卷第 06 期, 页码：41 - 45
摘要
参考文献
摘要
目前股票市场全球化程度越来越高 ,但投资者却不愿购买外国股票 ,这种现象被称为“本国偏好之谜”。本文主要对本国偏好的实证检验和各种理论解释进行综述 ,最后指出“法和金融学”可能是未来解释本国偏好的方向。
①对冲动机是指由于投资者的人力资本是不可交易的、且会随着国内经济形势变化而发生价值波动,所以投资者需要通过购买国外资产来对冲这种风险。分散化动机是指国内投资者愿意持有部分的外国资产,以分散本国资产的系统性风险。
②这也是Rowland(1999)想要解决的第二个问题,回答Tesar和Werner(1995)提出的高换手率的原因。
[1]Baxter,M .&U .J.Jermann.TheInternationalDiversificationPuzzleIsWorseThanYouThink[J].AmericanEconomicReview,1997,87(1):170-181.
[2]DahlquistM .,Pinkowita,L .,StulzR .&Williamson,R ..CorporateGovernanceandtheHomeBias[J].JournalofFinan cialandQuantitativeAnalysis,2003,38.
[3]Gehrig,T ..AnInformationBasedExplanationoftheDomesticBiasinInternationalEquityInvestment[J].ScandinavianJournalofEconomics,1993,95:97-109.
[4]Glassman,D .A .&L .Riddick.WhatCausesHomeAssetBiasandHowShouldItBeMeasured?[J].JournalofEmpiricalFinance,2001,(8):35-54.
[5]Kang,J .&R .Stulz.WhyIsThereaHomeBias?AnAnalysisofForeignPortfolioEquityOwnershipinJapan[J].JournalofFinancialEconomics,1997,46:3-28.
[6]Lewis,KarenK ..TryingtoExplainHomeBiasinEquitiesandConsumption[J].JournalofEconomicLiterature,1999,37:571-608.
[7]RowlandPatrickF ..TransactionCostsandInternationalPortfolioDiversification[J].JournalofInternationalEconomics,1999,49:145-170.
[8]Tesar,L .&I.Werner.HomeBiasandHighTurnover[J].JournalofInternationalMoneyandFinance,1995,14:467-493.
②这也是Rowland(1999)想要解决的第二个问题,回答Tesar和Werner(1995)提出的高换手率的原因。
[1]Baxter,M .&U .J.Jermann.TheInternationalDiversificationPuzzleIsWorseThanYouThink[J].AmericanEconomicReview,1997,87(1):170-181.
[2]DahlquistM .,Pinkowita,L .,StulzR .&Williamson,R ..CorporateGovernanceandtheHomeBias[J].JournalofFinan cialandQuantitativeAnalysis,2003,38.
[3]Gehrig,T ..AnInformationBasedExplanationoftheDomesticBiasinInternationalEquityInvestment[J].ScandinavianJournalofEconomics,1993,95:97-109.
[4]Glassman,D .A .&L .Riddick.WhatCausesHomeAssetBiasandHowShouldItBeMeasured?[J].JournalofEmpiricalFinance,2001,(8):35-54.
[5]Kang,J .&R .Stulz.WhyIsThereaHomeBias?AnAnalysisofForeignPortfolioEquityOwnershipinJapan[J].JournalofFinancialEconomics,1997,46:3-28.
[6]Lewis,KarenK ..TryingtoExplainHomeBiasinEquitiesandConsumption[J].JournalofEconomicLiterature,1999,37:571-608.
[7]RowlandPatrickF ..TransactionCostsandInternationalPortfolioDiversification[J].JournalofInternationalEconomics,1999,49:145-170.
[8]Tesar,L .&I.Werner.HomeBiasandHighTurnover[J].JournalofInternationalMoneyandFinance,1995,14:467-493.
引用本文
朱云高. 股票市场开放与本国偏好之谜[J]. 外国经济与管理, 2004, 26(6): 41–45.
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