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2022-10Diskussionspapier DOI: 10.18452/25369
Identity, Instability, and Investors. An Empirical Investigation of the Home Bias
Huning, Thilo Rene cc
Wahl, Fabian cc
Philosophische Fakultät
In this paper, we present novel data from the German-speaking area on 13,422 venture capital investments between 1999 and 2019, and document a novel and yet unexplained contributor to investors’ home bias. We propose a new measure of regional identity based on a recent vehicle license plate liberalization in Germany, and leverage on a unique dataset of historical borders to show how regional identity is formed. We use an instrumental strategy to establish a causal link between historical political instability, regional identity, and the home bias. Our results indicate that a common regional identity is highly relevant for investment decisions.
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DOI
10.18452/25369
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