自然灾害下的地方偏见

IF 2.6 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2025-02-24 DOI:10.1111/irfi.70009

Haiqiang Chen, Yining Chen, Dongxu Li

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引用次数: 0

摘要

利用超过24,000名散户投资者的账户级每日股票持有记录，我们发现，在自然灾害的情况下，本地投资者比非本地投资者增持本地股票。额外的测试表明，这种效应可能是由本地投资者对本地股票内在价值的信息优势驱动的，引导他们购买价格被低估的股票，从而获得更高的股票回报。我们的研究揭示了当地偏见背后的经济原因，尤其是在自然灾害下。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Local bias under natural disasters

Exploiting account-level daily stock holding records of over 24,000 retail investors, we show that local investors increase holdings of local stocks more than the nonlocals' in the case of natural disasters. Additional tests suggest that the effect is likely driven by the local investors' information advantage about the intrinsic value of local stocks, navigating them to the underpriced ones and thus achieving superior stock returns. Our study reveals the economic reasoning underlying local biases particularly under natural disasters.

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.