skip to content
Institutional Investors and Information Acquisition : Implications for Asset Prices and Informational Efficiency Preview this item
ClosePreview this item
Checking...

Institutional Investors and Information Acquisition : Implications for Asset Prices and Informational Efficiency

Author: Matthijs Breugem; Adrian Buss; National Bureau of Economic Research.
Publisher: Cambridge, Mass. National Bureau of Economic Research 2017.
Series: Working paper series (National Bureau of Economic Research), no. w23561.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We jointly model the information choice and portfolio allocation problem of institutional investors who are concerned about their performance relative to a benchmark. Benchmarking increases an investor's effective risk-aversion, which reduces his willingness to speculate and, consequently, his desire to acquire information. In equilibrium, an increase in the fraction of benchmarked institutional investors leads to a  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Matthijs Breugem; Adrian Buss; National Bureau of Economic Research.
OCLC Number: 1008871589
Notes: June 2017.
Description: 1 online resource
Series Title: Working paper series (National Bureau of Economic Research), no. w23561.
Responsibility: Matthijs Breugem, Adrian Buss.

Abstract:

We jointly model the information choice and portfolio allocation problem of institutional investors who are concerned about their performance relative to a benchmark. Benchmarking increases an investor's effective risk-aversion, which reduces his willingness to speculate and, consequently, his desire to acquire information. In equilibrium, an increase in the fraction of benchmarked institutional investors leads to a decline in price informativeness, which can cause a decline in the prices of all risky assets and the market portfolio. The decline in price informativeness also leads to a substantial increase in return volatilities and allows non-benchmarked investors to substantially outperformed benchmarked investors.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/1008871589> # Institutional Investors and Information Acquisition : Implications for Asset Prices and Informational Efficiency
    a schema:MediaObject, schema:CreativeWork, schema:Book ;
    library:oclcnum "1008871589" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/4437703289#Place/cambridge_mass> ; # Cambridge, Mass.
    schema:bookFormat schema:EBook ;
    schema:contributor <http://experiment.worldcat.org/entity/work/data/4437703289#Organization/national_bureau_of_economic_research> ; # National Bureau of Economic Research.
    schema:contributor <http://experiment.worldcat.org/entity/work/data/4437703289#Person/buss_adrian> ; # Adrian Buss
    schema:creator <http://experiment.worldcat.org/entity/work/data/4437703289#Person/breugem_matthijs> ; # Matthijs Breugem
    schema:datePublished "2017" ;
    schema:description "We jointly model the information choice and portfolio allocation problem of institutional investors who are concerned about their performance relative to a benchmark. Benchmarking increases an investor's effective risk-aversion, which reduces his willingness to speculate and, consequently, his desire to acquire information. In equilibrium, an increase in the fraction of benchmarked institutional investors leads to a decline in price informativeness, which can cause a decline in the prices of all risky assets and the market portfolio. The decline in price informativeness also leads to a substantial increase in return volatilities and allows non-benchmarked investors to substantially outperformed benchmarked investors."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/4437703289> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/4437703289#Series/nber_working_paper_series> ; # NBER working paper series
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/4437703289#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:name "Institutional Investors and Information Acquisition : Implications for Asset Prices and Informational Efficiency"@en ;
    schema:productID "1008871589" ;
    schema:publication <http://www.worldcat.org/title/-/oclc/1008871589#PublicationEvent/cambridge_mass_national_bureau_of_economic_research2017> ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/4437703289#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
    schema:url <https://doi.org/10.3386/w23561> ;
    schema:url <http://papers.nber.org/papers/w23561> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/1008871589> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/4437703289#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
    schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/4437703289#Organization/national_bureau_of_economic_research> # National Bureau of Economic Research.
    a schema:Organization ;
    schema:name "National Bureau of Economic Research." ;
    .

<http://experiment.worldcat.org/entity/work/data/4437703289#Person/breugem_matthijs> # Matthijs Breugem
    a schema:Person ;
    schema:familyName "Breugem" ;
    schema:givenName "Matthijs" ;
    schema:name "Matthijs Breugem" ;
    .

<http://experiment.worldcat.org/entity/work/data/4437703289#Person/buss_adrian> # Adrian Buss
    a schema:Person ;
    schema:familyName "Buss" ;
    schema:givenName "Adrian" ;
    schema:name "Adrian Buss" ;
    .

<http://experiment.worldcat.org/entity/work/data/4437703289#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
    schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/4437703289#Series/nber_working_paper_series> # NBER working paper series
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1008871589> ; # Institutional Investors and Information Acquisition : Implications for Asset Prices and Informational Efficiency
    schema:name "NBER working paper series" ;
    .

<http://experiment.worldcat.org/entity/work/data/4437703289#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1008871589> ; # Institutional Investors and Information Acquisition : Implications for Asset Prices and Informational Efficiency
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://www.worldcat.org/title/-/oclc/1008871589>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
    schema:about <http://www.worldcat.org/oclc/1008871589> ; # Institutional Investors and Information Acquisition : Implications for Asset Prices and Informational Efficiency
    schema:dateModified "2019-07-02" ;
    void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.