This paper explores the determinants of heterogeneity in institutional investor portfolio preferences and the relationship between institutions and the clients they serve. I find that the characteristics of an institution’s clients and the characteristics of the institution itself are both...

The present study examined the awareness about Shariah investment in India during the study period. The researcher prepared a questionnaire and surveyed the respondents through an online survey. The study purposely selected ethical investors in the Ethical wealth city group in Chennai. The...

This paper studies the investment returns and asset allocation policies of college and university endowments who share annual performance and asset allocation data with the National Association of College and University Business Officers (NACUBO) annual endowment study. In this paper, we review...

We hypothesize that prestigious golf courses attract golfers and visitors from across the country, providing greater opportunities for nearby investors to build social connections. Our evidence suggests that institutional investors located near prestigious golf courses earn significantly better...

Using survey-based measures of mutual fund manager loss aversion, we study the effects of institutional investor preferences on their investment decisions, performance, and career outcomes. We find that managers with higher aversion to losses choose portfolios with lower downside risk, increase...

Using the case of the Lehman Minibonds crisis in Singapore, this paper aims to elucidate processes of financialisation and geographies of investor subjects by investigating the reshaping of retail banking consumers into investor subjects. Instead of painting all investor subjects with a broad...

We provide the first in-depth examination of exchange-traded funds (ETFs) within actively managed mutual fund (AMMF) portfolios to better understand why AMMFs make substantial investments in passive ETFs. We examine the association between holding ETF positions and AMMF performance, as well as...

We examine the extent to which institutional investors herd in the U.S. corporate bond market and the price impact of their herding behavior. We find that the level of institutional herding in corporate bonds is substantially higher than what is documented for equities, and that sell herding is...

In this study, we investigate how two key dimensions of trust formation, i.e. interpersonal trust in the advisor (narrow-scope trust) and broader trust in the business context in which the advisor operates (broad-scope trust), impact households' overall trust in financial advice. To capture the...

CAPM alpha explains hedge fund flows better than alphas from more sophisticated models. This suggests that investors pool together sophisticated model alpha with returns from exposures to traditional (except for the market) and exotic risks. We decompose performance into traditional and exotic...