| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22247 |
| 来源ID | Working Paper 22247 |
| The Granular Nature of Large Institutional Investors | |
| Itzhak Ben-David; Francesco Franzoni; Rabih Moussawi; John Sedunov | |
| 发表日期 | 2016-05-16 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Large institutional investors own an increasing share of the equity markets in the U.S. The implications of this development for financial markets are still unclear. The paper presents novel empirical evidence that ownership by large institutions predicts higher volatility and greater noise in stock prices as well as greater fragility in times of crisis. When studying the channel, we find that large institutional investors exhibit traits of granularity, i.e., subunits within a firm display correlated behavior, which reduces diversification of idiosyncratic shocks. Thus, large institutions trade larger volumes and induce greater price impact. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w22247 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579920 |
| 推荐引用方式 GB/T 7714 | Itzhak Ben-David,Francesco Franzoni,Rabih Moussawi,et al. The Granular Nature of Large Institutional Investors. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22247.pdf（725KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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