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How does the trading behaviour of institutional money managers affect stock prices? In this paper we document a robust relationship between the net trade patterns of institutional money managers and long term equity returns. Examining quarterly data on US institutional holdings from 1983 to...
Persistent link: https://www.econbiz.de/10005504453
Glode (2011) shows, both theoretically and empirically, that U.S. equity mutual funds have a systematically better performance during periods of economic downturn and that investors are willing to pay higher fund fees for this recession insurance. In this paper, we test these hypotheses...
Persistent link: https://www.econbiz.de/10011154587
• This paper provides a specific proposal to limit the financial activities that are covered and thus subsidized by the government safety net in order to protect the financial system and the economy. The U.S. safety net, which consists of central bank loans to solvent but liquidity strained...
Persistent link: https://www.econbiz.de/10011259288
Do financial advisers undo or reinforce the behavioral biases and misconceptions of their clients? We use an audit methodology where trained auditors meet with financial advisers and present different types of portfolios. These portfolios reflect either biases that are in line with the financial...
Persistent link: https://www.econbiz.de/10011188552
Short-rebate fees are a strong predictor of the cross-section of stock returns, both gross and net of fees. We document a large "shorting premium": the cheap-minus-expensive-to-short (CME) portfolio of stocks has a monthly average gross return of 1.43%, a net return of 0.91%, and a 1.53%...
Persistent link: https://www.econbiz.de/10010821754
Hedge fund managers differ in ability and investors want to distinguish good ones from bad. Via the design of their investment strategies, better fund managers want to ease this inference problem while worse fund managers want to complicate it. We impose only the minimal restrictions on the...
Persistent link: https://www.econbiz.de/10010735676
The purpose of this paper is to examine the relationship between firm size and excess stock returns in Pakistani market. We construct a set of 10 portfolios based on size i.e., market capitalization, total assets and sales for the period between 2007 and 2011, and analyze the annual stock...
Persistent link: https://www.econbiz.de/10010766037
In their attempt to explain in ever more in-depth manner learning processes at the roots of economic change, territorial innovation models (TIMs) have remained centred on production. Consumption is mainly regarded as the expression of an abstract demand relayed by exogenous market mechanisms....
Persistent link: https://www.econbiz.de/10010896641
At regional level a number of models, such as innovation systems and cluster have been developed which have been influential on this policy support. Policy initiatives based around these models are firmly rooted in a technological model of innovation and a standard market situation which takes...
Persistent link: https://www.econbiz.de/10010896642
industries in western Switzerland. In contrast to the traditional theory of innovative milieus – where innovation processes are …
Persistent link: https://www.econbiz.de/10010896644