The genesis of home bias? The location and portfolio choices of investment company start-ups Parwada, Jerry en_US 2021-11-25T12:54:39Z 2021-11-25T12:54:39Z 2008 en_US
dc.description.abstract Fund managers` bias toward geographically proximate securities is a well-researched phenomenon, yet the origins of managers` location choices have received little empirical scrutiny. This paper traces the employment and geographic heritage of 358 entrepreneurial fund managers and analyzes the determinants of where they locate their firms and stock selections. The evidence suggests that start-ups tend to be based close to the origins of their founders and in regions with more investment management firms, banking establishments, and large institutional money managers. New money managers show a strong local bias in their equity holdings, three times the levels previously documented for mutual funds. The propensity to invest closer to home correlates strongly with the presence of sub-advisory opportunities from institutional investors in the vicinity. While home bias levels between managers who relocate with their start-ups and the rest of the entrepreneurs are similar, preferences for stocks that were formally local persist. en_US
dc.identifier.issn 0022-1090 en_US
dc.language English
dc.language.iso EN en_US
dc.rights CC BY-NC-ND 3.0 en_US
dc.rights.uri en_US
dc.source Legacy MARC en_US
dc.title The genesis of home bias? The location and portfolio choices of investment company start-ups en_US
dc.type Journal Article en
dcterms.accessRights metadata only access
dspace.entity.type Publication en_US
unsw.identifier.doiPublisher en_US
unsw.relation.faculty Business
unsw.relation.ispartofissue 1 en_US
unsw.relation.ispartofjournal Journal of Financial and Quantitative Analysis en_US
unsw.relation.ispartofpagefrompageto 245-266 en_US
unsw.relation.ispartofvolume 43 en_US
unsw.relation.originalPublicationAffiliation Parwada, Jerry, Banking & Finance, Australian School of Business, UNSW en_US School of Banking & Finance *
Resource type