G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15070
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
URLhttps://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.
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