U.S. international equity investment and past and prospective returns
By: Stephanie E. Curcuru ... [et al.].
Contributors: National Bureau of Economic Research
Series: NBER working paper series -- working paper 16677; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16677.
Publisher: National Bureau of Economic Research
Published: 2011
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "Counter to extant stylized facts, using newly available data on country allocations in U.S.  investors' foreign equity portfolios we find that (i) U.S.  investors do not exhibit returns-chasing behavior, but, consistent with partial portfolio rebalancing, tend to sell past winners; and (ii) U.S.  investors increase portfolio weights on a country's equity market just prior to its strong performance, behavior inconsistent with an informational disadvantage.  Over the past two decades, U.S.  investors' foreign equity portfolios outperformed a value-weighted foreign benchmark by 160 basis points per year.Published: Published: Stephanie E.  Curcuru, Charles P.  Thomas, Francis E.  Warnock, Jon Wongswan (forthcoming).  U.S.  international equity investment and past and prospective returns.  American Economic Review"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 4/19/2011.

Includes bibliographical references.

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