The role of distance and financial development: Evidence from international financial markets

被引：1
|
作者：
Li, Wei [1 ]
Wang, Xin [2 ]
Zhang, Haofei [3 ]
机构：
[1] Beihang Univ, Sch Econ & Management, Beihang, Peoples R China
[2] Shandong Univ, Sch Econ, Jinan, Peoples R China
[3] Nankai Univ, Sch Finance, Tianjin, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 92卷
基金：
中国国家自然科学基金;
关键词：
Distance; Financial development; Returns; Returns' standard deviation; INDIVIDUAL INVESTORS; DOMESTIC INVESTORS; STOCK RETURNS; GEOGRAPHY; INFORMATION; PERFORMANCE; INVESTMENT; MANAGERS; ALLOCATION; MATTER;
D O I：
10.1016/j.irfa.2024.103108
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper analyzes the role of distance and financial development in equity portfolio performance, using panel data on mutual fund holdings in the U.S. stock market from 39 countries. Our paper shows that financial development, represented by financial depth, is positively correlated with returns and returns' standard deviation. Fund managers from countries with deeper financial markets earn higher returns at the cost of higher risks. This conjecture can be explained by our findings that fund managers from countries with deeper financial markets prefer small and growth stocks.
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页数：12
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