| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13427 |
| DP13427 The Granular Nature of Large Institutional Investors | |
| Francesco Franzoni; Itzhak Ben-David; Rabih Moussawi; John Sedunov | |
| 发表日期 | 2019-01-04 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Large institutional investors own an increasing share of equity markets in the U.S. The implications of this development for financial markets are still unclear. The paper presents novel empirical evidence that ownership by large institutions predicts higher volatility and greater noise in stock prices, as well as more fragility at times of crisis. Evidence from a natural experiment suggests a causal interpretation of this effect. When studying the channel, we find that large institutional investors exhibit traits of granularity, i.e. subunits within a firm display correlated behavior, which reduces diversification of idiosyncratic shocks. |
| 主题 | Financial Economics |
| 关键词 | Institutional investors Concentration Granularity Fire sales Liquidity |
| URL | https://cepr.org/publications/dp13427 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542243 |
| 推荐引用方式 GB/T 7714 | Francesco Franzoni,Itzhak Ben-David,Rabih Moussawi,et al. DP13427 The Granular Nature of Large Institutional Investors. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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