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If there is a substantial amount of local bias in investors portfolios, do you expect that regional shocks to the economy will be localized or
If there is a substantial amount of local bias in investors portfolios, do you expect that regional shocks to the economy will be localized or will they quickly spread over the coun- try? For example, if there is a negative economic shock in Florida, what will be the speed that this shock will spread to other parts of the country if there is a lot of local bias?
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