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本文揭示:投资者更倾向于持有和买卖地理位置靠近他们的芬兰公司的股票,或者公司所用语言是投资者母语的公司股票,或者首席行政官和投资者属于同一文化背景的公司股票。相对于家庭和非精擅投资的机构来说,距离、语言和文化对于精擅投资的专业机构的影响就相对不是很突出。回归分析显示:对于在国内较有知名度的公司,对于距投资者距离超过100公里的公司,对于投资组合更分散化的投资者来说,距离的边际效果比较小。
This article reveals that investors are more likely to hold and trade stocks of Finnish companies geographically close to them or companies that speak the language of the investor's mother tongue or share the same cultural background as the chief executive and investors. The impact of distance, language and culture on well-talented professionals is relatively less pronounced than that of households and non-investment-minded institutions. Regression analysis shows that for companies that are more famous in China, for companies that are more than 100 kilometers away from investors, the marginal effect of distance is relatively small for investors with more diversified investment portfolios.