"[International equity] allocations show enormous cross-individual variation, ranging between zero and over 75 percent, as well as an upward trend that is only partially accounted for by the slight decrease in importance of the U.S. market relative to the world market. International equity allocations also display strong cohort effects, with younger cohorts investing more internationally than older ones, but also each cohort investing more internationally over time. This finding suggests that the home bias phenomenon may slowly disappear over time."