Question
Consider the following table showing cross-country statistics for the portfolio composition of the average fund in each country: Country Mean distance from holdings (km) Mean
Consider the following table showing cross-country statistics for the portfolio composition of the average fund in each country:
Country | Mean distance from holdings (km) | Mean distance from benchmark (km) |
---|---|---|
France | 100 | 98 |
Germany | 500 | 520 |
United Kingdom | 150 | 165 |
United States | 700 | 740 |
For example, in the first row the table shows that, for the average fund in France, the mean distance between the funds headquarters and the headquarters of the companies in which the fund invests is 100km and that the mean distance between the funds headquarters and the headquarters of the companies in the benchmark is 98km.
Ignoring statistical significance, in which country does the average fund portfolio demonstrate a stronger local bias?
Select one:
In the United Kingdom.
In Germany.
In the United States.
In France.
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