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Procyclical Behavior of Institutional Investors During the Recent Financial Crisis
Mr.Michael G PapaioannouMr.Joonkyu ParkJukka PihlmanHan van der Hoorn
其他書名
Causes, Impacts, and Challenges
出版International Monetary Fund, 2013-09-11
主題Business & Economics / Finance / Financial Risk ManagementBusiness & Economics / Public FinanceBusiness & Economics / Finance / General
ISBN14843360899781484336083
URLhttp://books.google.com.hk/books?id=eK4ZEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.