Financial Markets and Portfolio Management

, Volume 21, Issue 4, pp 471–485 | Cite as

Distribution of the shareholder base of Swiss cantonal banks

  • Stefan NeherEmail author


In this paper, the equity distribution of the free float of shareholders and shares is examined at six different Swiss cantonal banks. The percentage of shareholders and shares held in the home canton of a given cantonal bank is significantly higher than compared to the averages of the rest of the cantonal banks. When scaling this data to the population/legal entities in a given canton, in all cases (excluding outlier data from the smallest of Swiss cantons), the shareholder and share ratio is much higher for the home canton than the rest of the cantons. We also see some evidence that the scaled shareholder and share ratio is higher at neighboring cantons compared to the rest of Swiss cantons; it is significantly so in two cases. Lastly, we also see some evidence that the scaled shareholder and share ratio is higher at cantons that speak the same language compared to cantons that speak a different language for a given cantonal bank; it is significantly so in about half the shareholder and one third of the share distribution data.


Home bias Swiss cantonal banks Behavioral finance Shareholder distribution 


G11 G14 G21 


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Copyright information

© Swiss Society for Financial Market Research 2007

Authors and Affiliations

  1. 1.Department of the TreasuryInternal Revenue ServiceAtlantaUSA

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