We investigate the extent to which the liquidity of listed stocks is affected by the market structure under which stockbrokers provide a combination of stock trading, research, and investment banking services. Six market structures of differing degrees of competitiveness are identified for...

This paper outlines the benefits of long-term investing, as well as the pitfalls. Three key advantages held by long-term investors include: the capacity to adopt positions where payoff timing is uncertain; the ability to exploit opportunities generated by the actions of short-term investors; and...

The literature on investment horizon is reviewed in order to enhance the understanding of potential influences on long-term investing by institutional investors. Investment horizon reflects an inter-connected web of influences related to an investor's circumstances, the design of the investing...

Investment risk is addressed from the perspective of long-term investors, with key concepts being discussed and methods outlined for evaluating risk over long horizons. The main themes include: the need to focus on shortfall versus objectives and sources of sustained loss, rather than return...

Effective incorporation of socially responsible investing (SRI) into student-managed investment fund (SMIF) programs is discussed in the context of a case study. The experience of the example SMIF suggests some techniques to enhance the learning experience. These include: students developing...