| 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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