The well-known equity home bias has two components: an extensive and intensive margin. Using data on direct stock holdings of U.S. households, we find that the decision to participate in foreign stock markets depends on investor wealth, with richer investors more likely to participate (the extensive margin). We document a new finding: as investor wealth increases, the portfolio share invested in foreign equities tends to decrease (the intensive margin). A noisy rational expectations equilibrium model with wealth heterogeneity, entry costs, and endogenously chosen information processing capacity can generate the new negative relationship and help understand the U.S. household equity home bias along both margins.

著名的股票房屋偏向有两个组成部分：广泛的和密集的保证金。使用有关美国家庭直接持有股票的数据，我们发现参与外国股票市场的决定取决于投资者的财富，富裕的投资者更有可能参与（大量保证金）。我们记录了一个新发现：随着投资者财富的增加，投资于外国股票的投资组合份额趋于下降（密集利润率）。具有财富异质性，进入成本和内生选择的信息处理能力的嘈杂的理性预期均衡模型可以产生新的负相关关系，并有助于理解这两个边际上的美国家庭房屋净值偏向。