Hava Orkut, enseignant-chercheur à l'EM Strasbourg, a publié récemment un article dans le volume 42 de la revue académique Finance [CNRS cat.2, FNEGE cat.2].
L’article est intitulé « Foreign Stock Investment and Sophistication of French Retail Investors ».
Based on the MiFID questionnaire answers and banking records of around 7,000 retail investors, we assume that foreign investors (F-investors), who directly invest in foreign stocks, are more sophisticated than domestic investors (D-investors). After a matching, we show that stocks and warrants are more diversified in F-investors’ portfolios, while mutual funds, bonds, unit-linked life insurance products and retirement plans are more diversified in those of D-investors. These sophisticated F-investors are more risk tolerant, less sensitive to losses and more financially literate, but exhibit a home bias.