The determinants of international investment and attention allocation: Using internet search query data
The determinants of international investment and attention allocation: Using internet search query data
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DOI：
10.1016/j.jinteco.2010.04.007
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发表时间：
2010-09-01
影响因子：
3.3
通讯作者：
Zhang, Yi
中科院分区：
文献类型：
--
作者：
Mondria, Jordi;Wu, Thomas;Zhang, Yi
本文探讨了家庭偏向和注意分配的共同决定。我们克服了与评估注意力分配理论相关的典型挑战，使用一个新的互联网搜索查询数据集来衡量投资者决定处理多少信息。采用工具变量的方法，我们发现了经验证据的双向因果关系的家庭偏见和注意。我们的估计表明，如果所有国家都像美国一样受到同样程度的关注，那么美国投资者的平均本土偏好将从85.2%下降到57.3%。(C)2010 Elsevier B.V.保留所有权利。
This paper explores the joint determination of home bias and attention allocation. We overcome the typical challenge associated with evaluating attention allocation theories by using a new internet search query dataset to measure how much information investors decide to process. Employing an instrumental variables approach, we find empirical evidence of a two-way causality between home bias and attention. Our estimates suggest that if all countries were to receive the same level of attention as the U.S., then the average home bias by U.S. investors would fall from 85.2% to 57.3%. (C) 2010 Elsevier B.V. All rights reserved.