{"id":"https://openalex.org/W3123639726","doi":"https://doi.org/10.1111/1540-6229.12336","title":"There is no place like home: Information asymmetries, local asset concentration, and portfolio returns","display_name":"There is no place like home: Information asymmetries, local asset concentration, and portfolio returns","publication_year":2020,"publication_date":"2020-10-03","ids":{"openalex":"https://openalex.org/W3123639726","doi":"https://doi.org/10.1111/1540-6229.12336","mag":"3123639726"},"language":"en","primary_location":{"id":"doi:10.1111/1540-6229.12336","doi":"https://doi.org/10.1111/1540-6229.12336","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1540-6229.12336","pdf_url":null,"source":{"id":"https://openalex.org/S129086836","display_name":"Real Estate Economics","issn_l":"1080-8620","issn":["1080-8620","1540-6229"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-2","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Real Estate Economics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.2931011","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5031098986","display_name":"David C. Ling","orcid":"https://orcid.org/0000-0001-9395-0395","observed_orcids":["https://orcid.org/0000-0001-9395-0395"]},"institutions":[{"id":"https://openalex.org/I33213144","display_name":"University of Florida","ror":"https://ror.org/02y3ad647","country_code":"US","type":"education","lineage":["https://openalex.org/I33213144"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"David C. Ling","raw_affiliation_strings":["Finance, Insurance and Real Estate Department, Warrington College of Business, University of Florida, Gainesville, Florida"],"raw_orcid":"https://orcid.org/0000-0001-9395-0395","affiliations":[{"raw_affiliation_string":"Finance, Insurance and Real Estate Department, Warrington College of Business, University of Florida, Gainesville, Florida","institution_ids":["https://openalex.org/I33213144"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5037422502","display_name":"Andy Naranjo","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I33213144","display_name":"University of Florida","ror":"https://ror.org/02y3ad647","country_code":"US","type":"education","lineage":["https://openalex.org/I33213144"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Andy Naranjo","raw_affiliation_strings":["Finance, Insurance and Real Estate Department, Warrington College of Business, University of Florida, Gainesville, Florida"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Finance, Insurance and Real Estate Department, Warrington College of Business, University of Florida, Gainesville, Florida","institution_ids":["https://openalex.org/I33213144"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5004566027","display_name":"Benjamin Scheick","orcid":"https://orcid.org/0000-0002-1966-9391","observed_orcids":["https://orcid.org/0000-0002-1966-9391"]},"institutions":[{"id":"https://openalex.org/I7863295","display_name":"Villanova University","ror":"https://ror.org/02g7kd627","country_code":"US","type":"education","lineage":["https://openalex.org/I7863295"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Benjamin Scheick","raw_affiliation_strings":["Finance and Real Estate Department, Villanova School of Business, Villanova University, Villanova, Pennsylvania"],"raw_orcid":"https://orcid.org/0000-0002-1966-9391","affiliations":[{"raw_affiliation_string":"Finance and Real Estate Department, Villanova School of Business, Villanova University, Villanova, Pennsylvania","institution_ids":["https://openalex.org/I7863295"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5004566027"],"corresponding_institution_ids":["https://openalex.org/I7863295"],"apc_list":{"value":2500,"currency":"USD","value_usd":2500},"apc_paid":null,"fwci":5.2354,"has_fulltext":false,"cited_by_count":52,"citation_normalized_percentile":{"value":0.96092599,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"49","issue":"1","first_page":"36","last_page":"74"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.6836000084877014,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.6836000084877014,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.29170000553131104,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0027000000700354576,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.8450000286102295},{"id":"https://openalex.org/keywords/commercial-real-estate","display_name":"commercial real estate","score":0.6759999990463257},{"id":"https://openalex.org/keywords/portfolio-returns","display_name":"portfolio returns","score":0.9229999780654907},{"id":"https://openalex.org/keywords/real-estate-investment","display_name":"real estate investment","score":0.4429999887943268}],"concepts":[{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.748806357383728},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.699752926826477},{"id":"https://openalex.org/C165696696","wikidata":"https://www.wikidata.org/wiki/Q11287","display_name":"Exploit","level":2,"score":0.6621422171592712},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6433115601539612},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.6397420167922974},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.589236319065094},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.5213797688484192},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4942510426044464},{"id":"https://openalex.org/C31266012","wikidata":"https://www.wikidata.org/wiki/Q6554340","display_name":"Linkage (software)","level":3,"score":0.4650586247444153},{"id":"https://openalex.org/C116834253","wikidata":"https://www.wikidata.org/wiki/Q2039217","display_name":"Identification (biology)","level":2,"score":0.4578380584716797},{"id":"https://openalex.org/C2777302077","wikidata":"https://www.wikidata.org/wiki/Q1321921","display_name":"Market portfolio","level":3,"score":0.424155056476593},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3674347400665283},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.36679238080978394},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.06196492910385132},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C55493867","wikidata":"https://www.wikidata.org/wiki/Q7094","display_name":"Biochemistry","level":1,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C104317684","wikidata":"https://www.wikidata.org/wiki/Q7187","display_name":"Gene","level":2,"score":0.0},{"id":"https://openalex.org/C59822182","wikidata":"https://www.wikidata.org/wiki/Q441","display_name":"Botany","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1111/1540-6229.12336","doi":"https://doi.org/10.1111/1540-6229.12336","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1540-6229.12336","pdf_url":null,"source":{"id":"https://openalex.org/S129086836","display_name":"Real Estate Economics","issn_l":"1080-8620","issn":["1080-8620","1540-6229"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-2","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Real Estate Economics","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.2931011","doi":"https://doi.org/10.2139/ssrn.2931011","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.2931011","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.2139/ssrn.2931011","doi":"https://doi.org/10.2139/ssrn.2931011","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.2931011","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":90,"referenced_works":["https://openalex.org/W1496426665","https://openalex.org/W1496551994","https://openalex.org/W1758358206","https://openalex.org/W1965292665","https://openalex.org/W1983291248","https://openalex.org/W1984743680","https://openalex.org/W1988113017","https://openalex.org/W1993556822","https://openalex.org/W1999918735","https://openalex.org/W2001845647","https://openalex.org/W2003172916","https://openalex.org/W2023245676","https://openalex.org/W2029056003","https://openalex.org/W2041615603","https://openalex.org/W2051152277","https://openalex.org/W2058576880","https://openalex.org/W2065919463","https://openalex.org/W2075626783","https://openalex.org/W2086350462","https://openalex.org/W2092563059","https://openalex.org/W2098570427","https://openalex.org/W2101957784","https://openalex.org/W2104795328","https://openalex.org/W2109050896","https://openalex.org/W2113305199","https://openalex.org/W2114681892","https://openalex.org/W2117449834","https://openalex.org/W2119944852","https://openalex.org/W2125520394","https://openalex.org/W2129929567","https://openalex.org/W2133670123","https://openalex.org/W2136120210","https://openalex.org/W2139122730","https://openalex.org/W2143841915","https://openalex.org/W2154765558","https://openalex.org/W2155369257","https://openalex.org/W2159776227","https://openalex.org/W2164954755","https://openalex.org/W2184100350","https://openalex.org/W2293279554","https://openalex.org/W2322350880","https://openalex.org/W2521828540","https://openalex.org/W2526011935","https://openalex.org/W2535220497","https://openalex.org/W2580716735","https://openalex.org/W2599387883","https://openalex.org/W2751084796","https://openalex.org/W2991085873","https://openalex.org/W3021190191","https://openalex.org/W3021488820","https://openalex.org/W3022700571","https://openalex.org/W3023582314","https://openalex.org/W3121281915","https://openalex.org/W3121400309","https://openalex.org/W3121401171","https://openalex.org/W3121750343","https://openalex.org/W3122023935","https://openalex.org/W3122045878","https://openalex.org/W3122108379","https://openalex.org/W3122126767","https://openalex.org/W3122189863","https://openalex.org/W3122245420","https://openalex.org/W3122796383","https://openalex.org/W3122935004","https://openalex.org/W3123503769","https://openalex.org/W3123555426","https://openalex.org/W3123580916","https://openalex.org/W3123590105","https://openalex.org/W3123593479","https://openalex.org/W3123690627","https://openalex.org/W3123836534","https://openalex.org/W3123957507","https://openalex.org/W3124052255","https://openalex.org/W3124240760","https://openalex.org/W3124304323","https://openalex.org/W3124447204","https://openalex.org/W3124454903","https://openalex.org/W3124520864","https://openalex.org/W3124521753","https://openalex.org/W3124583602","https://openalex.org/W3124682893","https://openalex.org/W3124747477","https://openalex.org/W3124846795","https://openalex.org/W3125261307","https://openalex.org/W3125512896","https://openalex.org/W3125879339","https://openalex.org/W3125989415","https://openalex.org/W3167585398","https://openalex.org/W4231438292","https://openalex.org/W4244706525"],"related_works":["https://openalex.org/W2598005830","https://openalex.org/W1878665557","https://openalex.org/W2103057602","https://openalex.org/W7099702399","https://openalex.org/W4246074290","https://openalex.org/W2797652063","https://openalex.org/W3167585398","https://openalex.org/W2890749916","https://openalex.org/W3124052255","https://openalex.org/W2889583729"],"abstract_inverted_index":{"Abstract":[0],"Using":[1],"a":[2,11,28,44,69],"unique":[3],"setting":[4],"with":[5],"significant":[6,29,45],"cross\u2010market":[7],"information":[8,26,58,78],"asymmetries":[9],"and":[10,38,52,80],"large":[12],"sample":[13],"of":[14],"individual":[15],"commercial":[16],"property":[17],"holdings,":[18],"we":[19],"provide":[20],"robust":[21],"evidence":[22],"showing":[23],"that":[24,67,94],"local":[25,35,49,70,76],"plays":[27],"role":[30],"in":[31,55,83],"the":[32,75],"linkage":[33],"between":[34,48],"asset":[36,50],"concentrations":[37],"return":[39],"outperformance.":[40],"We":[41],"further":[42],"document":[43],"positive":[46],"relation":[47],"concentration":[51],"portfolio":[53],"returns":[54],"markets":[56],"where":[57],"asymmetry":[59],"is":[60,95],"most":[61],"severe.":[62],"Two":[63],"novel":[64],"identification":[65],"strategies":[66],"exploit":[68],"lender's":[71],"ability":[72],"to":[73],"price":[74,85],"investor's":[77],"advantage":[79],"exogenous":[81],"variation":[82],"sales":[84],"disclosure":[86],"laws":[87],"across":[88],"states":[89],"confirm":[90],"an":[91],"information\u2010based":[92],"effect":[93],"distinct":[96],"from":[97],"risk\u2010based":[98],"or":[99],"behavioral":[100],"explanations.":[101]},"counts_by_year":[{"year":2026,"cited_by_count":8},{"year":2025,"cited_by_count":8},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":9},{"year":2021,"cited_by_count":8},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":2}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2021-02-01T00:00:00"}
