ARTÍCULO
TITULO

Familiarity Bias in Asset Allocation of Brazilian Investors

Bruno Ferman    
Maurício Silveira Lersch    
Claudia Emiko Yoshinaga    

Resumen

This article analyzes the portfolio allocation of investors in their employer's shares in order to verify whether it exists a version of home bias. Our sample comprises investors of a Brazilian broker. The proportion of allocation on the shares of their employer is statistically higher and economically significant when compared to a control sample of non-employees. To assure that our results are robust to the fact that investors may have been granted employers? shares as a bonus compensation, we identified firms that explicitly do not use this compensation strategy. This finding shows the potential increase in risk exposure in the investment portfolios despite the rational concept of diversification.

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