Les résultats du premier chapitre apportent une explication à ce comportement d'investissement. Les investisseurs ont tendance à investir davantage dans leur propre pays et moins à l’international que la théorie de l’investissement ne le prédit.
Le premier chapitre analyse le phénomène du « biais domestique » qui continue à constituer une énigme pour les chercheurs. The results show that only China has a potent impact on these returns.Ĭette thèse porte sur le secteur des sociétés foncières cotées sur les marchés financiers dont la capitalisation boursière est équivalente à 4.3% du PIB mondial. Finally, the third chapter examines the effect of foreign direct investments on listed real estate companies' returns in eight Asia-Pacific countries. The results of the second chapter confirm that the investment strategies adopted by some listed real estate companies contribute to the acceleration of the metropolization processes encountered in ten European countries. These biases can affect the investment decisions of institutional investors and might therefore generate over-investments in certain geographical areas, which are generally believed to provide the highest risk adjusted expected returns. The second chapter looks at the implications of these "location biases'' in Europe. Using a sample of US listed real estate companies, the results indicate that the company's decision to concentrate its business in one or several geographic areas is mainly motivated by the level of growth opportunities available to this company. The results of the first chapter provide an explanation for this investment behavior. Investors invest more in their own countries and less so internationally than investment theory would predict. The first chapter analyzes "the home bias puzzle'' which continues to be an enigma for researchers. This thesis focuses on the listed real estate sector whose market capitalization is equivalent to 4.3% of global GDP.
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