Home bias and high turnover reconsidered
By: Francis E. Warnock.
Series: International finance discussion papers ;; no. 702; International finance discussion papers (Online) ;; no. 702.
Publisher: Federal Reserve Board
Published: 2001
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Description: "The Tesar and Werner (1995) finding of very high turnover rates on foreign equity portfolios is based on an underestimation of cross-border equity positions.  Foreign turnover rates calculated using information from comprehensive benchmark surveys on cross-border holdings are much lower than previously reported and comparable to domestic turnover rates.  However, the basic intuition from the Tesar-Werner study, that transaction costs do not help explain the observed home bias, is confirmed using data on transaction costs in 41 markets"--Federal Reserve Board web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 10/22/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.