Abstract
We use data on the country allocations of investors from several countries to test the hypothesis of Dahlquist et al. (2003). Our results show that the country allocation in the international portfolio of these investors do not seem to be influenced by the choice between the world market portfolio or the world float portfolio. The pattern of dependence between both of these variables and the country allocations of international portfolio investments is largely the same. Interestingly, the La Porta et al. (1998) variable measuring protection of minority shareholders has a substantial incremental impact on country allocations. These results are in contrast to Dahlquist et al. (2003) results for U. S. investors.
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