TITLE

Is Local Knowledge an Advantage?

AUTHOR(S)
Riepe, Mark W.
PUB. DATE
April 2008
SOURCE
Journal of Financial Planning;Apr2008, Vol. 21 Issue 4, p38
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article discusses the issue whether investor performance is influenced by the tendency to hold more share of nearby firms. It states that individuals who invest more in local firms have higher risk-adjusted performance. It provides three possibilities regarding the tendency to overweight portfolio's locally, including the investor's connection with the firm, confusing quantity with quality, and familiarity. Also presented is a dataset that matched the holdings of individual actively managed equity funds with the distance from the headquarters of those firms to the fund's location.
ACCESSION #
31527701

 

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