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Kiel Institute for World Economics Kiel Working Papers, Kiel Institute for World Economics

No 937:
Die Anlageentscheidungen deutscher Investoren ; Der empirische Befund

Susanne Lapp

Abstract: Bond as well as stock portfolios of German investors are compared to the respective mean-variance-efficient portfolios. It is found that independent of the investors' degree of risk aversion, German investors' portfolios deviate significantly from the mean-variance-efficient ones, especially the portfolio shares held in German assets is far too extensive. Accordingly, German portfolios are heavily home biased.

JEL-Codes: G1; (follow links to similar papers)

39 pages, July 1999

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