NDLI: The Spatial Impact of Cultural Distances on Home Bias across Asian Emerging Markets

Content Provider	Springer Nature Link
Author	Kim, Heeho
Copyright Year	2017
Abstract	Using a set of individual country-pair data on cross-border equity transactions between seven Asian countries (China, Japan, Korea, Malaysia, Singapore, Thailand, and Australia) in the years 2002–2012, we document that investors are more likely to show similar extent of home bias across Asian emerging markets than the developed markets. The spatial panel regression analysis indicates that the spillover effects of cultural and economic distances are more significant than the effect of geometric distance. Investors’ familiarity about Asian countries seems to influence the similar extent of home bias across Asian financial markets, while not so in the developed countries. In particular, the spatial spillover influences of risk associated with cultural and economic distances are more prominent among the Asian financial markets than the developed countries. Our home bias model can be spatially applied to not only different regions but also to different types of investors in international portfolio flows.
Starting Page	81
Ending Page	101
Page Count	21
File Format	PDF
ISSN	01974254
Journal	Atlantic Economic Journal
Volume Number	45
Issue Number	1
e-ISSN	15739678
Language	English
Publisher	Springer US
Publisher Date	2017-02-28
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Trade International Finance General Financial Markets: General Home bias Culture spatial dependence Asian emerging markets Portfolio risk Economics Macroeconomics/Monetary Economics//Financial Economics Microeconomics International Economics Public Finance
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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