Title: U.S. international equity investment and past and prospective returns
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.