Greener pastures and the impact of dynamic institutional preferences

被引:312
作者
Bennett, JA
Sias, RW [1 ]
Starks, LT
机构
[1] Washington State Univ, Coll Business & Econ, Dept Finance Insurance & Real Estate, Pullman, WA 99164 USA
[2] Univ Massachusetts, Boston, MA 02125 USA
[3] Univ Texas, Austin, TX 78712 USA
关键词
D O I
10.1093/rfs/hhg040
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Although institutional investors have a preference for large capitalization stocks, over time they have shifted their preferences toward smaller, riskier securities. These changes in aggregate preferences have arisen primarily from changes in the preferences of each class of institution, rather than changes in the importance of different classes. Evidence also suggests that recent growth in institutional investment combined with this shift in preferences helps explain why markets in general, and smaller stocks in particular, have exhibited greater firm-specific risk and liquidity in recent years. Additional analyses suggest that institutional investors moved toward smaller securities because such securities offer "greener pastures".
引用
收藏
页码:1203 / 1238
页数:36
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