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Herding of institutional traders
Kremer, Stephanie - 2010
This paper sheds new light on herding of institutional investors by using a unique and superior database that … identifies every transaction of financial institutions. First, the analysis reveals herding behavior of institutions. Second, the …, indicates an overestimation of herding by previous studies. Third, our results suggest that herding by large financial …
Persistent link: https://www.econbiz.de/10003962962
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Pension Funds’ Herding
Broeders, Dirk - 2016
This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish … between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing … strategies. Semi strong herding arises when pension funds react similarly to other external shocks, such as changes in regulation …
Persistent link: https://www.econbiz.de/10012997670
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Investment behaviour of German equity fund managers : an exploratory analysis of survey data
Arnswald, Torsten - 2001
allen Investmentgesellschaften mit Sitz in Deutschland beteiligten. Die Fondsmanager sind zu ihren grundlegenden Ansichten … Anlageschwerpunkt und der grundsätzlichen Einstellung zur Markteffizienz auch "Agency"-Probleme das Anlageverhalten von …
Persistent link: https://www.econbiz.de/10011419358
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Investment Behaviour of German Equity Fund Managers - an Exploratory Analysis of Survey Data
Arnswald, Torsten - 2016
Persistent link: https://www.econbiz.de/10012991302
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Does direct-sold funds provide a sizeable edge to investors? : evidences from selected mutual funds in India
Seal, Jayanta Kumar; Paul, Arunima - In: Cogent economics & finance 7 (2019) 1, pp. 1-17
In this study, an attempt has been made to find out why investors still prefer broker-sold fund over direct-sold fund despite the superior performance of the latter. We find the sensitivity of funds flow in selected direct-sold funds and broker-sold funds in India. We do not find any evidence...
Persistent link: https://www.econbiz.de/10012023959
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Are analyst trade ideas valuable?
Birru, Justin; Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2019
Using a novel database, we show that the stock-price impact of analyst trade ideas is at least as large as the impact of stock recommendation, target price, and earnings forecast changes, and that investors following trade ideas can earn significant abnormal returns. Trade ideas triggered by...
Persistent link: https://www.econbiz.de/10012120228
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Smart or Dumb? Asset Allocation Ability of Mutual Fund Investors and the Role of Broker Advice
Fang-Klingler, Jieyan - 2020
In this paper, I investigate the asset allocation ability of mutual fund investors. Specifically, I examine differences among non-proprietary brokers, proprietary brokers and direct channels regarding their asset allocation ability. In aggregate, mutual fund investors do not seem to have...
Persistent link: https://www.econbiz.de/10012848654
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Regulating Asset Price Risk
Bacchetta, Philippe; Tille, Cédric; Van Wincoop, Eric - 2011
There has been a long debate about whether speculators are stabilizing or not. We consider a model where speculators have a stabilizing role in normal times, but may also provoke large risk panics. The very feature that makes arbitrageurs liquidity providers in normal times, namely their...
Persistent link: https://www.econbiz.de/10008905464
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Regulating asset price risk
Bacchetta, Philippe; Tille, Cédric; Van Wincoop, Eric - 2011
There has been a long debate about whether speculators are stabilizing or not. We consider a model where speculators have a stabilizing role in normal times, but may also provoke large risk panics. The very feature that makes arbitrageurs liquidity providers in normal times, namely their...
Persistent link: https://www.econbiz.de/10009009577
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Herds on Green Meadows – The Decarbonization of Institutional Portfolios
Benz, Lukas - 2019
broad institutional ownership data we show that investors exhibit herding behavior in the sense of decarbonization. They are …
Persistent link: https://www.econbiz.de/10012861936