Determinants Of Institutional Investor Behavior PDF Download
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Author | : Stephen Lawrence |
Publisher | : |
Total Pages | : 0 |
Release | : 2011 |
Genre | : |
ISBN | : |
Download Determinants of Institutional Investor Behavior Book in PDF, ePub and Kindle
This paper explores the determinants of heterogeneity in institutional investor portfolio preferences and the relationship between institutions and the clients they serve. I find that the characteristics of an institution's clients and the characteristics of the institution itself are both important determinants of portfolio preferences and trading behavior. Specifically, I find that institutions traditionally subject to prudent investor laws are more likely to invest in high quality stocks, although, institutions sub-managing money for pension funds are less prudent than pension managers themselves. In addition, I find that institutions with taxable clients are likely to avoid unnecessary dividend taxation and turn over their portfolios less frequently. More generally, institutions exhibit systematic shifts in their exposure to common risk factors that may be explained in part by the levels and changes in client composition. While evidence for a causal link between client shifts and institutional preferences is limited to mutual funds, contemporaneous changes in clients and portfolio characteristics suggest that the dynamics of institutional investment are closely related to the nature of the clients served.
Author | : Reena Aggarwal |
Publisher | : World Bank Publications |
Total Pages | : 47 |
Release | : 2003 |
Genre | : Foreign exchange |
ISBN | : |
Download Portfolio Preferences of Foreign Institutional Investors Book in PDF, ePub and Kindle
Author | : Mr.Michael G Papaioannou |
Publisher | : International Monetary Fund |
Total Pages | : 53 |
Release | : 2013-09-11 |
Genre | : Business & Economics |
ISBN | : 1484375556 |
Download Procyclical Behavior of Institutional Investors During the Recent Financial Crisis Book in PDF, ePub and Kindle
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.
Author | : Suzanne Young |
Publisher | : Emerald Group Publishing |
Total Pages | : 452 |
Release | : 2013-10-24 |
Genre | : Business & Economics |
ISBN | : 1781907714 |
Download Institutional Investors' Power to Change Corporate Behavior Book in PDF, ePub and Kindle
Institutional Investors' Power to Change Corporate Behavior
Author | : Pedro Matos |
Publisher | : CFA Institute Research Foundation |
Total Pages | : 80 |
Release | : 2020-05-29 |
Genre | : Business & Economics |
ISBN | : 1944960988 |
Download ESG and Responsible Institutional Investing Around the World: A Critical Review Book in PDF, ePub and Kindle
This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Author | : Stephen Graeme Bowden |
Publisher | : |
Total Pages | : 68 |
Release | : 1999 |
Genre | : Corporate governance |
ISBN | : 9780909013073 |
Download The Determinants of Institutional Investor Activism Book in PDF, ePub and Kindle
Author | : Asl? Demirgüç-Kunt |
Publisher | : World Bank Publications |
Total Pages | : 40 |
Release | : 2000 |
Genre | : Bancos |
ISBN | : |
Download Funding Growth in Bank-based and Market-based Financial Systems Book in PDF, ePub and Kindle
How the relative development of a country's stock market and banking system affects firms' growth is closely tied to how well developed the country's contracting environment is. How differences in the contracting environment affect the relative development of the stock market or banking system may have implications for which firms and which projects get financing.
Author | : Alexey Mikhaylov |
Publisher | : Litres |
Total Pages | : 405 |
Release | : 2022-01-29 |
Genre | : Business & Economics |
ISBN | : 5042191453 |
Download Capital and Crypto Markets: Institutional Investor Behavior and Strategies Book in PDF, ePub and Kindle
The relevance of research. Today, Russia belongs to countries with emerging markets. Currently, the capital market of Russia does not fulfill its main function – attracting investors’ money to finance long-term projects. Forced development of the financial market can help attract domestic long-term investments in the context of sectoral sanctions from developed countries...
Author | : Arian Borgers |
Publisher | : |
Total Pages | : |
Release | : 2015 |
Genre | : |
ISBN | : |
Download Do Social Factors Influence Investment Behavior and Performance? Evidence from Mutual Fund Holdings Book in PDF, ePub and Kindle
We study the economic significance of social dimensions in investment decisions by analyzing the holdings of U.S. equity mutual funds over the period 2004-2012. Using these holdings, we measure funds' exposures to socially sensitive stocks in order to answer two questions. What explains cross-sectional variation in mutual funds' exposure to controversial companies? Does exposure to controversial stocks drive fund returns? We find that exposures to socially sensitive stocks are weaker for funds that aim to attract socially conscious and institutional investor clientele, and they relate to local political and religious factors. The financial payoff associated with greater “sin” stock exposure is positive and statistically significant, but becomes non-significant with broader definitions of socially sensitive investments. Despite the positive relation between mutual fund return and sin stock exposure, the annualized risk-adjusted return spread between a portfolio of funds with highest sin stock exposure and its lowest-ranked counterpart is statistically not significant. The results suggest that fund managers do not tilt heavily towards controversial stocks because of social considerations and practical constraints.
Author | : William M. O'Barr |
Publisher | : Irwin Professional Publishing |
Total Pages | : 270 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : |
Download Fortune and Folly Book in PDF, ePub and Kindle
Today institutional investors dominate the stock market. They hold assets valued at about 6.5 trillion - almost one fifth of the country's financial assets. Furthermore, institutional investors now own well over half of the stock in the country's 100 largest corporations, including such flagship companies as IBM, GE, Johnson & Johnson, and Mobil. Because of the tremendous influence institutional investors have on American corporations, business and government policymakers must make assumptions about how and why they make decisions - their priorities, motives, and concerns. In addition, anyone who markets to institutional investors needs to know what makes them tick. Sprinkled with candid and often colorful quotations from a variety of investment insiders, Fortune and Folly gives you a unique look at what really happens on Wall Street; facts that challenge the assumptions routinely made about the economic motivations of business behavior; new insights on pension safety and possible political influences; and economic analyses by Carolyn K. Brancato, the country's foremost expert on the economics of institutional investing.