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Institutional investors and long-term investment : evidence from Chile

Author: Luis Opazo; Claudio E Raddatz; Sergio L Schmukler; World Bank. Development Research Group. Macroeconomics and Growth.
Publisher: [Washington, D.C.] : World Bank, 2014.
Series: Policy research working papers, 6922.
Edition/Format:   eBook : Document : International government publication : English
Summary:
Developing countries are trying to develop long-term financial markets and institutional investors are expected to play a key role. This paper uses unique evidence on the universe of institutional investors from the leading case of Chile to study to what extent mutual funds, pension funds, and insurance companies hold and bid for long-term instruments, and which factors affect their choices. The paper uses monthly  Read more...
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Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Luis Opazo; Claudio E Raddatz; Sergio L Schmukler; World Bank. Development Research Group. Macroeconomics and Growth.
OCLC Number: 889317808
Notes: "June 2014."
"The World Bank, Development Research Group, Macroeconomics and Growth Team."
Description: 1 online resource (65 pages) : illustrations.
Series Title: Policy research working papers, 6922.
Responsibility: Luis Opazo, Claudio Raddatz, Sergio L. Schmukler.

Abstract:

Developing countries are trying to develop long-term financial markets and institutional investors are expected to play a key role. This paper uses unique evidence on the universe of institutional investors from the leading case of Chile to study to what extent mutual funds, pension funds, and insurance companies hold and bid for long-term instruments, and which factors affect their choices. The paper uses monthly asset-level portfolios to show that, despite the expectations, mutual and pension funds invest mostly in short-term assets relative to insurance companies. The significant difference across maturity structures is not driven by the supply side of debt or tactical behavior. Instead, it seems to be explained by manager incentives (related to short-run monitoring and the liability structure) that, combined with risk factors, tilt portfolios toward short-term instruments, even when long-term investing yields higher returns. Thus, the expansion of large institutional investors does not necessarily imply longer-term markets.

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