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Institutionalizing Countercyclical Investment : A Framework for Long-Term Asset Owners
Jones, Bradley - 2016
valuations? And if countercyclical investment (with both market-stabilizing and return-generating properties) is a public and … chasing;' (ii) rebalance to benchmarks with factor exposures best suited to long-term investors; (iii) minimize principal-agent …
Persistent link: https://www.econbiz.de/10012996063
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Stress Testing U.S. Leveraged Corporates in a COVID-19 World
Caceres, Carlos; Cerdeiro, Diego; Pan, Dan; … - 2021
modest. Corporate stresses could, however, amplify the current economic downturn-as firms cut investment spending and reduce …
Persistent link: https://www.econbiz.de/10013252046
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Uncertainty and Investment : The Financial Intermediary Balance Sheet Channel
Chen, Sophia - 2015
Rollover risk imposes market discipline on banks' risk-taking behavior but it can be socially costly. I present a two-sided model in which a bank simultaneously lends to a firm and borrows from the short-term funding market. When the bank is capital constrained, uncertainty in asset quality and...
Persistent link: https://www.econbiz.de/10013024428
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Sovereign Wealth Funds : Aspects of Governance Structures and Investment Management
Al-Hassan, Abdullah - 2013
relation to its objectives and investment management that can ensure its efficient operation and enhance its financial … performance. In this context, it distinguishes among the various governing bodies and analyzes key aspects of the investment …
Persistent link: https://www.econbiz.de/10013071922
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Procyclical Behavior of Institutional Investors During the Recent Financial Crisis : Causes, Impacts, and Challenges
Papaioannou, Michael G. - 2013
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during 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 …
Persistent link: https://www.econbiz.de/10013074694
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Asian Equity Markets : Growth, Opportunities, and Challenges
Purfield, Catriona - 2007
Asian equity markets have grown significantly in size since the early 1990s, driven by strong international investor inflows, growing regional financial integration, capital account liberalization, and structural improvements to markets. The development of equity markets provides a more...
Persistent link: https://www.econbiz.de/10012777958
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Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets
Igan, Deniz - 2015
We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark - a common solution to the agency problem in delegated portfolio management. In the presence of such relative-performance-based objectives, investors have...
Persistent link: https://www.econbiz.de/10013013820
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Push Factors and Capital Flows to Emerging Markets : Why Knowing Your Lender Matters More than Fundamentals
Cerutti, Eugenio - 2015
This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably. We then report three findings: (i) the aggregate co-movement conceals significant heterogeneity across asset types as only bank-related...
Persistent link: https://www.econbiz.de/10013019018
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Domestic and Foreign Mutual Funds in Mexico : Do They Behave Differently?
Xiao, Jasmine - 2015
This paper utilizes a new dataset of foreign and domestic mutual funds in Mexico to assess their behavior and obtains three new findings. First, foreign mutual funds are more sensitive to global financial conditions and engage more in herding and positive feedback trading than domestic mutual...
Persistent link: https://www.econbiz.de/10013021778
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Central Bank Reserve Management and International Financial Stability-Some Post-Crisis Reflections
Jones, Bradley - 2018
Motivated by the tension first revealed during the global financial crisis between thedomestic and international financial stability obligations of central bank reserve managers,this paper offers some reflections along four main lines. First, the paper highlights howofficial reserve management...
Persistent link: https://www.econbiz.de/10012924272