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...

The competitive environment in which evolve the current organizations obliges them to make strategic choices which are not without having an incidence on their financial value. Consequently, it is so important for the leaders as for the financial analysts to be capable of estimating the...