Institutional sponsors increasingly seek outside help in investment management by delegating manager selection and capital allocation decisions to external lead managers. Whether this enhances performance, however, is yet to be examined. We fill the gap using a unique dataset of Korean...

Using institutional trades across 36 countries for the period 2003-2008, this paper investigates the determinants of short-term institutional trading and how they differ across tranquil and crisis times at a weekly frequency. Before the financial crisis of 2007-2008, we find strong evidence of...