| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15070 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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