Your points are true, but I think other factors also play a role. What makes, for example, Australian investors behave differently to American investors? No doubt differences in economy size, regulatory regimes, etc, make a difference. But I also think some of it is due to differences in national culture. People have been talking about "tall poppy syndrome" as an element of Australian culture for decades; people don't say the same thing about American culture. (That said, it looks to me like the concept, but not the name, is increasingly making inroads into the US.)