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Political Uncertainty and Institutional Herding

Gavriilidis, Konstantinos; Kallinterakis, Vasileios; … - 2021

Political uncertainty is a key determinant of investment decisions. Specifically, the uncertainty that surrounds government policy makes beliefs noisier and depresses stock prices. In this paper, we explore whether institutional investors "herd", i.e., mimic each other's trades, in response to...

Persistent link: https://www.econbiz.de/10013219572

Investment Horizons, Systematic Risk, and Managerial Skills of Institutional Investors

Chen, Jiun-Lin - 2018

We examine the relationship between portfolio risk and equity returns over different investment horizons of institutional investors. Compared to long-term institutions, portfolios held by short-term institutions exhibit higher factor loadings in market, size, and momentum. In particular, they...

Persistent link: https://www.econbiz.de/10012928303

The importance of climate risks for institutional investors

Krüger, Philipp; Sautner, Zacharias; Starks, Laura T. - 2018

According to our survey about climate risk perceptions, institutional investors believe climate risks have financial implications for their portfolio firms and that these risks, particularly regulatory risks, already have begun to materialize. Many of the investors, especially the long-term,...

Persistent link: https://www.econbiz.de/10011900336

Hedge fund alphas : do they reflect managerial skills or mere compensation for liquidity risk bearing?

Gibson, Rajna; Wang, Songtao - 2008

This article analyzes the effect of liquidity risk on the performance of various hedge fund portfolio strategies. Similarly to Avramov et al. (2007), we find that, before accounting for the effect of liquidity risk, hedge fund portfolios that incorporate predictability in managerial skills...

Persistent link: https://www.econbiz.de/10003966170

The Subjective Risk and Return Expectations of Institutional Investors

Couts, Spencer J.; S. Gonçalves, Andrei; Loudis, Johnathan - 2023

We use the long-term Capital Market Assumptions of major asset managers and institutional investor consultants from 1987 to 2022 to provide three stylized facts about their subjective risk and return expectations on 19 asset classes. First, the subjective distribution of asset class returns is...

Persistent link: https://www.econbiz.de/10014350405

Not All Herding is the Same : Mutual Fund Active and Passive Herding to Anticipated Risks and Risk Shocks

Beardsley, Xiaoxin; Marlo, Tim; Wang, Jianling - 2022

Applying previous theoretical predictions on herding and market signals, we examine mutual fund herding from a … measure fund herding using cosine similarity of liquidity-adjusted trades and classify funds into five groups with … Independents in the middle. Not all herders are the same as funds with different herding tendencies vary significantly in …

Persistent link: https://www.econbiz.de/10013492651

The dark and the bright side of liquidity risks : evidence from open-end real estate funds in Germany

Fecht, Falko; Wedow, Michael - 2009

We use a unique and comprehensive data set on open-end real estate funds in Germany to study a liquidity crisis that …

Persistent link: https://www.econbiz.de/10003882920

Locus of control and investment in risky assets

Salamanca, Nicolás; Grip, Andries de; Fouarge, Didier; … - 2016

We show that household heads with a strong internal economic locus of control are more likely to hold equity and hold a larger share of equity in their investment portfolio. This relation holds when we control for economic preferences and possible confounders such as financial literacy,...

Persistent link: https://www.econbiz.de/10011594548

Political uncertainty and institutional herding

Gavriilidis, Konstantinos; Kallinterakis, Vasileios Bill; … - In: Journal of corporate finance 88 (2024), pp. 1-28

Persistent link: https://www.econbiz.de/10015071106

Institutional Herding and Financial Market Uncertainty

Bu, Hui; Gu, Chen; Guo, Xu; Stan, Raluca - 2023

This study investigates the role of financial market uncertainty in institutional herding and its impact on stock … prices. We show that financial market uncertainty is a determinant of institutional herding. Fund managers tend to follow the … trades of other managers more frequently during high uncertainty periods than low uncertainty periods. We find that herding …

Persistent link: https://www.econbiz.de/10014353713

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