Construct · 3 fields · 5 citations
One name. Different field. Different construct. One map.
● jingle · one word, three constructs Nearest construct by meaningnoisecompare the meaningsEvery construct on the map is compared with every other by the meaning of its definitions, and the closest one is surfaced here. The nearest construct to home bias is noise.
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The tendency of investors to hold far more of their own country's stocks than a globally diversified portfolio would prescribe, so that a citizen of one market keeps most of their wealth in that market even though foreign shares offer extra risk reduction. French and Poterba's 1991 Investor Diversification and International Equity Markets documented that investors in the United States, Japan, and the United Kingdom each held roughly ninety percent or more of their equity at home, a share far above what the international pricing model implies. Coval and Moskowitz's 1999 Home Bias at Home then showed the same pull operating inside a single country, where fund managers overweight firms located near their offices. Here the referent is a measurable tilt in a securities portfolio, not a pattern in goods crossing a border or a call made by an official on a field.[1][2]
The finding that buyers and sellers trade with partners inside their own country far more than distance and size alone would predict, so a national border acts as a large hidden barrier to the flow of goods. McCallum's 1995 study of Canadian provinces and United States states reported that a Canadian province traded more than twenty times as much with another province as with a comparable American state. Anderson and van Wincoop's 2003 Gravity with Gravitas reworked the trade-flow model and showed the true border effect, once relative trade costs are handled correctly, is smaller but still substantial. Here the referent is a puzzle in aggregate goods flows measured across regions, not a tilt in one investor's stock holdings or a decision bias in a referee.[3][4]
The tendency of match officials to make decisions that favour the home team, one of the mechanisms behind the long-observed home advantage in sport. Nevill, Balmer, and Williams's 2002 The Influence of Crowd Noise and Experience upon Refereeing Decisions in Football had qualified referees judge recorded tackles either with or without the crowd soundtrack, and found that those who heard the noise awarded fewer fouls against the home side. Here the referent is a perceptual and judgment bias in a person under crowd pressure, measured in officiating calls, and it has nothing in common with a portfolio's domestic tilt or a nation's excess internal trade beyond the shared label.[5]
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