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Unexploited gains from international diversification : patterns of portfolio holdings around the world

Didier, Tatiana - 2011

"This paper studies how portfolios with a global investment scope are actually allocated internationally using a unique micro dataset on U.S. equity mutual funds. While mutual funds have great flexibility to invest globally, they invest in a surprisingly limited number of stocks, around 100. The...

Persistent link: https://www.econbiz.de/10011394818

Daily Momentum and Contrarian Behavior of Index Fund Investors

Goetzmann, William N. - 2000

We use a two-year panel of individual accounts in an S&P 500 index mutual fund to examine the trading and investment behavior of more than 91 thousand investors who have chosen a low-cost, passively managed vehicle for savings. This allows us to characterize investors' heterogeneity in terms of...

Persistent link: https://www.econbiz.de/10012471208

U.S. Banks, Crises, and Bailouts : From Mexico to LTCM

Stulz, Rene M. - 2000

This paper investigates the impact on bank stock prices of emerging market currency crises and bailouts. The stock market distinguishes between banks with exposure to a crisis country and other banks. In general, banks with exposures to a crisis country are affected adversely by currency events...

Persistent link: https://www.econbiz.de/10012471245

On Mutual Fund Investment Styles

Chan, Louis K.C. - 1999

We provide an exploratory investigation of mutual funds' investment styles. Funds' styles tend to cluster around a broad market benchmark. When funds deviate from the benchmark they are more likely to favor growth stocks with good past performance. There is some consistency in styles, although...

Persistent link: https://www.econbiz.de/10012471574

Offshore Investment Funds : Monsters in Emerging Markets?

Kim, Woochan - 1999

The 1997-99 financial crises in the emerging markets have brought to the foreground the concern about offshore investment funds and their possible role in exacerbating volatility in the markets they invest in. Offshore investment funds are alleged to engage in trading behaviors that are...

Persistent link: https://www.econbiz.de/10012471661

Mutual Funds and Institutional Investments : What is the Most Efficient Way to Set Up Individual Accounts in a Social Security System?

James, Estelle - 1999

management, but at the cost of high marketing expenses that are needed to attract and aggregate small sums of money into large … marketing costs, but gives workers no choice and hence is subject to political manipulation and misallocation of capital … incurring high marketing costs or sacrificing worker choice. To accomplish this requires centralized collections, a modest level …

Persistent link: https://www.econbiz.de/10012471752

Machine-Learning the Skill of Mutual Fund Managers

Kaniel, Ron; Lin, Zihan; Pelger, Markus; Nieuwerburgh, … - National Bureau of Economic Research - 2022

We show, using machine learning, that fund characteristics can consistently differentiate high from low-performing mutual funds, as well as identify funds with net-of-fees abnormal returns. Fund momentum and fund flow are the most important predictors of future risk-adjusted fund performance,...

Persistent link: https://www.econbiz.de/10012938692

Share Pledging in China : Funding Listed Firms or Funding Entrepreneurship?

He, Zhiguo; Liu, Bibo; Zhu, Feifei - National Bureau of Economic Research - 2022

This paper studies the connection between share pledging and entrepreneurial activities in China, challenging the common wisdom that share pledging funds circle back to the listed firms. Share pledging funds are at the discretion of the shareholders who pledge their publicly traded shares, and...

Persistent link: https://www.econbiz.de/10012938700

Arbitrage Capital of Global Banks

Anderson, Alyssa G.; Du, Wenxin; Schlusche, Bernd - National Bureau of Economic Research - 2021

We show that the role of unsecured, short-term wholesale funding for global banks has changed significantly in the post-financial-crisis regulatory environment. Global banks mainly use such funding to finance liquid, near risk-free arbitrage positions--in particular, the interest on excess...

Persistent link: https://www.econbiz.de/10012510537

Does Political Partisanship Cross Borders? Evidence from International Capital Flows

Kempf, Elisabeth; Luo, Mancy; Schäfer, Larissa; … - National Bureau of Economic Research - 2021

Does partisan perception shape the flow of international capital? We provide evidence from two settings, syndicated corporate loans and equity mutual funds, to show that ideological alignment with foreign governments affects the cross-border capital allocation by U.S. institutional investors....

Persistent link: https://www.econbiz.de/10012629500

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