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This book helps readers understand the widely documented distortion in the portfolio choice of individual investors toward proximate firms – the proximity bias phenomenon. First, it recapitulates the fundamentals of modern portfolio theory. It then goes on to describe and demonstrate different approaches on how to measure proximity bias and identifies and examines potential motives and reasons for such a bias. In addition, the book presents new analysis on the financial effects of individual investors’ proximity bias, explaining and contributing with possible policy implications on their portfolio distortion. This book will be of interest to students and researchers, as well as decision-makers in business firms and households.

Inhaltsverzeichnis

Frontmatter

2017 | OriginalPaper | Buchkapitel

Chapter 1. Introduction

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

Porfolio Theory, Decision-Making and Market Efficiency

Frontmatter

2017 | OriginalPaper | Buchkapitel

Chapter 2. Investors’ Portfolio Choice and Portfolio Theory

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

2017 | OriginalPaper | Buchkapitel

Chapter 3. Decision-Making—Rational, Bounded, or Behavioral

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

2017 | OriginalPaper | Buchkapitel

Chapter 4. Market Efficiency and the Standard Asset Pricing Models Used to Test Market Efficiency

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

Investor Behavior, Proximity Bias and Firms’ Capital Structure

Frontmatter

2017 | OriginalPaper | Buchkapitel

Chapter 5. The Financial Behavior of Individual Investors

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

2017 | OriginalPaper | Buchkapitel

Chapter 6. The Measurement of Proximity Bias

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

2017 | OriginalPaper | Buchkapitel

Chapter 7. Motives and Reasons for Proximity Bias

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

2017 | OriginalPaper | Buchkapitel

Chapter 8. Local Bias and Capital Structure

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

The Impact of Local Media, Portfolio Rebalancing and Financial Sophistication

Frontmatter

2017 | OriginalPaper | Buchkapitel

Chapter 9. Local News and Active Trading

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

2017 | OriginalPaper | Buchkapitel

Chapter 10. Portfolio Rebalancing by Individual Investors

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

2017 | OriginalPaper | Buchkapitel

Chapter 11. The Relation Between Local Bias, Home Bias, and Financial Sophistication

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

2017 | OriginalPaper | Buchkapitel

Chapter 12. Conclusions and Implications

Ted Lindblom, Taylan Mavruk, Stefan Sjögren

Backmatter

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