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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP15070 |
DP15070 Where do institutional investors seek shelter when disaster strikes? Evidence from COVID-19 | |
Simon Glossner; Pedro Pinto Matos; Stefano Ramelli; Alexander F. Wagner | |
发表日期 | 2020-07-20 |
出版年 | 2020 |
语种 | 英语 |
摘要 | During the COVID-19 market crash, U.S. stocks with higher institutional ownership -- in particular, those held more by active, short-term, and more exposed institutions -- performed worse. Portfolio changes through the first quarter of 2020 reveal that institutional investors prioritized corporate financial strength over "soft" environmental and social performance. Trading data from a large discount brokerage (Robinhood) confirm that retail investors acted as liquidity providers. The effects did not reverse in the second quarter. Overall, the results suggest that when a tail risk realizes, institutional investors amplify price crashes by fire-selling and seeking shelter in "hard" measures of firm resilience. |
主题 | Financial Economics |
关键词 | Corporate cash holdings Coronavirus Corporate debt Covid-19 Esg Institutional ownership Leverage Retail investors Tail risk |
URL | https://cepr.org/publications/dp15070-0 |
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/544026 |
推荐引用方式 GB/T 7714 | Simon Glossner,Pedro Pinto Matos,Stefano Ramelli,et al. DP15070 Where do institutional investors seek shelter when disaster strikes? Evidence from COVID-19. 2020. |
条目包含的文件 | 条目无相关文件。 |
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