{"id":6087,"date":"2026-04-15T16:17:21","date_gmt":"2026-04-15T07:17:21","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=6087"},"modified":"2026-04-15T17:03:20","modified_gmt":"2026-04-15T08:03:20","slug":"2026%e5%b9%b45%e6%9c%8811%e6%97%a5%e6%9c%88-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar-%e3%80%80home-advantage-not-bias-in","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/6087","title":{"rendered":"2026\u5e745\u670811\u65e5(\u6708) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar \u3000Home Advantage (not Bias) in Perfect Markets with Global Firms: Necessary Conditions and Empirical Validation\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cHome Advantage (not Bias) in Perfect Markets with Global Firms: Necessary Conditions\u3000and Empirical Validation\u300d<\/span><\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2026\u5e745\u670811\u65e5\uff08\u6708\uff0913:10~14:50<\/td>\n<\/tr>\n
\u958b\u50ac\u65b9\u6cd5<\/th>\n\u2460\u5bfe\u9762 \uff0a10\u53f7\u9928\u30003\u968e\u3000305\u6559\u5ba4
\n\u2461Zoom\uff0a\u304a\u7533\u8fbc\u307f\u5b8c\u4e86\u306e\u81ea\u52d5\u8fd4\u4fe1\u30e1\u30fc\u30eb\u306b\u3066\u3001\u53c2\u52a0\u7528URL\u3092\u304a\u77e5\u3089\u305b\u3044\u305f\u3057\u307e\u3059\u3002<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/th>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/th>\nHaim Kedar Levy \u6c0f
\n\uff08Professor, The Guilford Glazer Faculty of Business and Management,
\nBen Gurion University of the Negev\uff09<\/td>\n<\/tr>\n
\u8981\u65e8<\/th>\nExisting explanations for home bias depend on market imperfections such as government restrictions, information asymmetry, or behavioral reasons. We show that home bias can exist in perfect markets under information symmetry and rational investors. We develop a parsimonious asset pricing model where firms operate domestically and globally. Home advantage emerges if firms\u2019\u00a0operations can be diversified more efficiently with domestic rather than global risks. We therefore obtain a rationale for \u2018home advantage\u2019\u00a0rather than home bias and provide empirical support. Further, liberalization and local support mechanisms need to be tailored to fit the local industrial diversity and its global interactions.<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/th>\n\u8c37\u5ddd \u5be7\u5f66\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n
\u53c2\u52a0\u7533\u3057\u8fbc\u307f\u65b9\u6cd5<\/th>\n\u53c2\u52a0\u306f\u3053\u3061\u3089<\/a>\u304b\u3089\u304a\u7533\u8fbc\u307f\u304f\u3060\u3055\u3044\u3002\u203b5\u67087\u65e5\uff08\u6728\uff0917:00\u7de0\u5207<\/td>\n<\/tr>\n
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 <\/p>\n","protected":false},"excerpt":{"rendered":"

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