Abstract
In recent years, some scholars have gradually focused on the research of home bias. However, few empirical studies to date have explored the impact of geographic information on stock prices in Taiwan stock market research. Using the data of main investors and the location of enterprises, the purposes of this study are to explore three hypotheses: (1) Portfolio concentration is directly related to risk-adjusted returns for main investors. (2) The concentration of stock portfolios has a positive correlation with investment learning capabilities. (3) Home bias prevails in more uncertain home markets and is higher for the investors with higher capacity to learn.
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Acknowledgments
Constructive comments of editors and anonymous referees are gratefully acknowledged. This research is partly supported by the National Science Council of Taiwan (NSC 104-2815-C-468-041-H and NSC 108-2813-C-468-039-H) and by Asia University of Taiwan (ASIA-105-CMUH-10 and ASIA104-CMUH-12).
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Liao, MH., Kuo, WL., Chan, YL. (2021). Investment Concentration and Home Bias. In: Barolli, L., Poniszewska-Maranda, A., Park, H. (eds) Innovative Mobile and Internet Services in Ubiquitous Computing . IMIS 2020. Advances in Intelligent Systems and Computing, vol 1195. Springer, Cham. https://doi.org/10.1007/978-3-030-50399-4_56
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