MARC Record from Library of Congress

LEADER: 01912cam a22002897a 4500
001 2004620002
003 DLC
005 20040920143104.0
007 cr |||||||||||
008 040913s2004 dcu sb f000 0 eng
010 $a 2004620002
040 $aDLC$cDLC
050 00 $aHG3879
100 1 $aCai, Fang.
245 10 $aInternational diversification at home and abroad$h[electronic resource] /$cFang Cai and Francis E. Warnock.
260 $aWashington, D.C. :$bFederal Reserve Board,$c[2004]
490 1 $aInternational finance discussion papers ;$vno. 793
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 9/13/2004.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We analyze foreigners and domestic institutional investors holdings of U.S. equities and find common preferences for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that investors might obtain substantial international diversification by investing at home. Using an international factor model, we show that exposure to foreign equity markets is indeed greater for domestic firms that are more diversified internationally, suggesting that at least some of the home-grown foreign exposure translates into international diversification benefits. After accounting for home-grown foreign exposure, the share of foreign equities in U.S. portfolios doubles to 24 percent, greatly reducing the observed home bias"--Federal Reserve Board web site.
653 $aHome bias;$ainternational portfolio allocation;$aforeign exposure
700 1 $aWarnock, Francis E.
830 0 $aInternational finance discussion papers (Online) ;$vno. 793.
856 40 $uhttp://www.federalreserve.gov/pubs/ifdp/2004/793/default.htm