Autori
Carosi, Andrea
Baschieri, Giulia
Mengoli, Stefano

Titolo
La geografia delle società quotate italiane e potenziali effetti sui valori di borsa: 'azioni e buoi dei paesi tuoi'
Periodico
Banca impresa società
Anno: 2010 - Volume: 29 - Fascicolo: 1 - Pagina iniziale: 145 - Pagina finale: 173

The strong bias in favor of local domestic stocks is a well-documented phenomenon in investment portfolios. In light of this empirical evidence, this paper moves on analyzing the effect of such behavior on firms' values. Italian listed firms headquartered in regions with a local high stock demand not offset by a proportional local stock supply are found to benefit, in terms of higher market value, compared to their counterparts. The results are robust to different econometric specifications and are stronger for small and less visible firms, coherently with the assumption that information asymmetries could be one of the main causes driving the local home bias effect.



SICI: 1120-9453(2010)29:1<145:LGDSQI>2.0.ZU;2-N
Testo completo: http://www.mulino.it/ws/rwDirectDownload.php?doi=10.1435/31908
Testo completo alternativo: http://www.mulino.it/rivisteweb/scheda_articolo.php?id_articolo=31908

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