Drobetz, Wolfgang; Kugler, Peter; Wanzenried, Gabrielle; … - In: International Review of Financial Analysis 18 (2009) 1-2, pp. 84-93
We analyze the heterogeneity in asset allocation decisions of different investor groups in response to changes in the macroeconomic environment. Using a new data set that includes the monthly portfolio holdings of private, commercial, and institutional investors deposited with Swiss banks, we...