G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15070
DP15070 Do institutional investors stabilize equity markets in crisis periods? Evidence from COVID-19
Simon Glossner; Pedro Pinto Matos; Stefano Ramelli; Alexander F. Wagner
发表日期2022-05-04
出版年2022
语种英语
摘要During the COVID-19 crash, U.S. stocks with higher institutional ownership performed worse. This under-performance was unrelated to revisions in earnings expectations, which suggests a disconnect between stock prices and firm fundamentals. Two mechanisms were at play: Institutions faced a sudden increase in redemptions and simultaneously attempted to de-risk their portfolios. Most types of institutional investors re-balanced portfolios toward financially strong firms, whereas hedge funds sold stocks indiscriminately. At least some retail investors (e.g., Robinhood investors) appear to have provided liquidity. Overall, the results suggest that when a tail risk realizes, institutional investors amplify price crashes.
主题Financial Economics
关键词Corporate cash holdings Coronavirus Corporate debt Covid-19 Esg Fire sales Institutional ownership Leverage Retail investors Tail risk
URLhttps://cepr.org/publications/dp15070-3
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/546291
推荐引用方式
GB/T 7714
Simon Glossner,Pedro Pinto Matos,Stefano Ramelli,et al. DP15070 Do institutional investors stabilize equity markets in crisis periods? Evidence from COVID-19. 2022.
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