“…Second, in the field of international economics, there is a long history of studies examining the behavior of economic nationalism in which a government has a marked home bias toward domestic ownership and control in economic activities (Knight, 1935;Hayek, 1937;Olson, 1987;Helleiner and Pickel, 2005). Although most of the studies related to economic nationalism have focused on trade protectionism (Colantone and Stanig, 2018;Rodrik, 2018), some scholars have extended the study of economic nationalism to the field of cross-border capital flows. Morse and Shive (2010), for example, argued that the home bias in international equity investments is closely linked to patriotism.…”