Investor Diversification and International Equity Markets¶
French, K. R., & Poterba, J. M. (1991). Investor Diversification and International Equity Markets. The American Economic Review.
Cited by¶
1 citation across 1 artifact.
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Domain-specific¶
- Ambiguity Aversion
- French and Poterba (1991) documented that US investors held roughly 94% of their equity portfolios in domestic stocks, with comparably lopsided figures for Japan and the UK — far more concentrated than any mean-variance diversification argument justifies.
This sourceSurvey estimates of international equity holdings - more than 98% of Japanese, 94% of US and 82% of British equity portfolios held domestically - with the shortfall in diversification attributed to investor choices rather than institutional constraints.
Supported in partVerified against the publisher's abstract
“More than 98% of the equity portfolio of Japanese investors is held domestically; the analogous percentages are 94% for the U.S., and 82% for Britain.”
- French and Poterba (1991) documented that US investors held roughly 94% of their equity portfolios in domestic stocks, with comparably lopsided figures for Japan and the UK — far more concentrated than any mean-variance diversification argument justifies.
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