𝔖 Bobbio Scriptorium
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Information Immobility and the Home Bias Puzzle

✍ Scribed by STIJN VAN NIEUWERBURGH; LAURA VELDKAMP


Book ID
109176586
Publisher
John Wiley and Sons
Year
2009
Tongue
English
Weight
205 KB
Volume
64
Category
Article
ISSN
0022-1082

No coin nor oath required. For personal study only.


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International portfolio choice, liquidit
✍ Alexander Michaelides πŸ“‚ Article πŸ“… 2003 πŸ› Elsevier Science 🌐 English βš– 526 KB

This paper solves for optimal international portfolio choice in the presence of liquidity constraints and undiversiΓΏable labor income risk. Optimal portfolios are internationally diversiΓΏed while positive correlation between domestic stock market returns and permanent labor income shocks can generat