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77
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31
The aim of this research is to analyze the determinants of the equity home bias for Turkish investors. In this context, the roles of exchange rate risk, direct costs, familiarity, cultural factors, corporate governance, stock market characteristics and economic features as factors causing homes bias were examined for 20 target countries invested in between 2001 and 2010. Panel Regression Analysis is employed to examine the impact of seven factors proxies by 15 variables on the dependent variable, equity home bias, calculated using International Capital Asset Pricing Model as a benchmark. Analysis results suggest that main determinants of Turkish investors’ home bias in international equity investments are familiarity and cultural factors. Turkish investors prefer to allocate their stock investment in countries that are familiar and culturally close even if these markets are deprived of the possibility of diversification, geographically distant and frontier markets with weak corporate governance. These findings reveal that Turkish investors tend to be affected by behavioral factors rather than institutional factors in international equity investments.
the aim of this research is to analyze the determinants of the equity home bias for turkish investors in this context the roles of exchange rate risk direct costs familiarity cultural factors intellectual governance stock market characteristics and economic characteristics as factors causing homes biased exam for 20 target countries awards between 2001 and 2010 panel regression analysis is employed by impact of loving factors proxies by 15 variables on the dependence variable equity home bias calculated using ınternational capital assets pricing model as benchmark results suggest that mainants of determin investors in foreign markets are interested in foreign investors in foreign markets in foreign markets in foreign markets in foreign countries where foreign investors are among foreign exchanges and foreign investors are among foreign exchanges in foreign countries where they are among foreign countries where they are among foreign investors are among foreign investors in foreign investors in foreign exchanges and foreign countries where they are among foreign investors in foreign exchanges and foreign investors
Alan : Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Uluslararası
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