home bias vs endowment bias

嗨，努力学习的PZer你好：

1

home bias 指的是投资者喜欢投本国的股票，不喜欢投外国的股票

经典的题干表述是 "On her questionnaire, Johnson indicated a desire for wealth accumulation and an aversion to investing in non-US equities"

即：在她的调查问卷中，Johnson 表示渴望财富积累，并厌恶投资于非美国股票

关键词是 "an aversion to investing in non-US equities"，厌恶投资于非美国股票

大量的文献表明，许多投资者在本国上市的证券中保持着很高的投资比例，通常是 80%或更多

2

endowment bias 的关键词为 继承 inherited

比如小明持有的股票虽然风险很高，但这是小明的爷爷送给小明的生日礼物，小明认为这些股票代表了真挚的爷孙情，所以小明一股也不愿意卖出

偏差结果：人们可能会非理性地持有他们已经拥有的证券，尤其是继承的投资

"People may irrationally hold on to securities they already own, which is particularly true regarding their inherited investments"

真题-2014-11-A，收录于经典题-R1-1.2

题干关键句："it’s a source of family pride and worth every penny."

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