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Individual investors repurchasing behavior : preference for stocks previously owned

Leal, Cristiana Maria da Silva Cerqueira; Armada, Manuel José da Rocha; Loureiro, Gilberto
Fonte: Universidade do Minho. Núcleo de Investigação em Políticas Económicas Publicador: Universidade do Minho. Núcleo de Investigação em Políticas Económicas
Tipo: Trabalho em Andamento
Publicado em //2013 ENG
Relevância na Pesquisa
36.93%
In this paper we study the repurchasing behavior of individual investors and identify several characteristics (stock- and investor-specific) that affect the preference for repurchasing stocks previously owned. Using a unique database of 5,128 individual investors trading from August 1st, 2003 to July 31st, 2007, we find that investors prefer to repurchase stocks that are prior winners and those that dropped in price after being sold, in line with Strahilevitz, Odean and Barber (2011). We also find that the larger the prior gain, or the drop in stock price after the sell, the more likely is the investor to repurchase the same stock. Additionally, we find that (1) local stocks with negative market adjusted performance are more likely to be repurchased, and (2) less active, under-diversified, and poor performance investors are more likely to engage in such behavior. Overall, our results indicate that reference prices, prior stock returns, stock visibility, and investor performance and sophistication are determinants of the repurchasing behavior.; COMPETE, QREN, FEDER, Fundação para a Ciência e a Tecnologia (FCT)

Sudden Stops : Are Global and Local Investors Alike?

Calderón, César; Kubota, Megumi
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
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The main goal of this paper is to characterize the determinants of sudden stops caused by domestic vis-a-vis foreign residents. Are the decisions of domestic investors to invest abroad or of foreign investors to cut off funds from the domestic economy governed by the same set of determinants? Given the distribution of different types of sudden stop episodes over time and its different macroeconomic consequences, the authors argue that the determinants may not be alike. Using an effective sample of 82 countries with annual information over the period 1970-2007, the analysis finds that global investors are less likely to stop bringing their capital when their economy is growing and the world interest rate is lower. Domestic agents are more willing to invest abroad if the macroeconomic performance of the domestic economy is poor (high inflation), the financial system is weak, and there are high external savings (current account surpluses). Increasing financial openness makes the domestic country more vulnerable to sudden stops caused by either local or global investors. Finally...

Development of Capital Markets and Institutional Investors in Russia : Recent Achievements and Policy Challenges Ahead

Noel, Michel; Kantur, Zeynep; Krasnov, Evgeny; Rutledge, Sue
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
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This study reviews the recent developments in capital markets and institutional investors in Russia, and examines the policy challenges ahead for the development of the sector. The analysis covers key impediments for further development and policy challenges for securities markets, in particular legal and regulatory framework, market infrastructure, government bonds, sub-sovereign bonds, corporate bonds, and equities. The analysis also covers key impediments for further development and policy challenges for mutual funds, pension funds, and insurance companies.

The Role of Developing Country Firms in Infrastructure : New Data Confirm the Emergence of a New Class of Investors

Schur, Michael; Klaudy, Stephan von; Pushak, Nataliya; Sanghi, Apurva; Dellacha, Georgina
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
37.07%
Developing country investors have emerged as a major source of investment finance for infrastructure projects with private participation. This update of the article in 2006, shows that, indeed, during 1998-2006 these investors accounted for more of this finance in South Asia and East Asia and Pacific, and for more in transport across developing regions than did investors from developed countries. Even though the policy implications are not yet fully clear for policy makers, this development suggests a need to rethink the criteria used in selecting investors in schemes for private participation, which have been biased toward large international operators.

The Role of Developing Country Firms in Infrastructure : A New Class of Investors Emerges

Schur, Michael; von Klaudy, Stephan; Dellacha, Georgina
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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36.97%
Developing country investors have emerged as a major source of investment finance for infrastructure projects with private participation. The potential role of this investor class is encouraging. For policymakers it suggests a need to rethink privatization design, particularly the criteria used in selecting investors, which have been biased toward large international firms. The growth in new private infrastructure firms also matters because it should reduce the risk of collusion and other anticompetitive practices. This paper discusses the role of developing country investors, and their investment across regions.

The Use of "Asset Swaps" by Institutional Investors in South Africa

Dimitri Vittas
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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Leading financial economists have proposed the use of international asset swaps (Merton 1990, Bodie and Merton 2002) as a way of efficiently achieving international diversification without eroding the level of foreign exchange reserves and weakening local market development. International asset swaps entail limited foreign currency flows (only net gains or losses need to be exchanged). They protect foreign investors from market manipulation and expropriation risk and have much lower transaction costs than outright investments. But asset swaps are constrained by the attractiveness of local markets to foreign investors, and by various regulatory issues covering counterparty risk and collateral considerations, and accounting, valuation, and reporting rules. Institutional investors are well developed in South Africa. Their total assets corresponded in 2001 to 159 percent of GDP, a level that was surpassed by only four high-income countries. But because of the imposition of exchange controls, they lacked international diversification. In July 1995 South Africa was the first developing country that explicitly allowed its pension funds and other institutional investors to make use of "asset swaps." But the South African authorities did not authorize the use of properly specified swap contracts as described by Bodie and Merton...

The Role of Foreign Investors in Debt Market Development : Conceptual Frameworks and Policy Issues

Lee, Jeong Yeon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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To take full advantage of foreign investors, a host country must provide an appealing environment: a stable economic and political environment; a fair, rational, and, comprehensive legal system; a fair, reasonable, and, balanced tax program; a fair, productive, and, balanced regulatory system; and transparency in economic, financial, legislative, and regulatory systems. The country should also liberalize capital account transactions. To do so successfully, and minimize risks associated with foreign investors, capital account liberalization must be properly sequenced. The chief danger is removing most restrictions on capital account transactions, before addressing major problems in the domestic financial system, and hence risking a crisis. Typical major problems include shaky, inconsistent macroeconomic management; severe asymmetric information problems (such as inadequate accounting, auditing, and disclosure practices) in the financial, and corporate sectors; implicit government guarantees; and inadequate prudential supervision...

Institutional Investors and Long-Term Investment : Evidence from Chile

Opazo, Luis; Raddatz, Claudio; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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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.

An examination of taxpayers’ attitudes towards the Australian tax system: Findings from a survey of tax scheme investors

Murphy, Kristina
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 327181 bytes; 347 bytes; 347 bytes; application/pdf; application/octet-stream; application/octet-stream
EN_AU
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During the 1990s, the number of Australian taxpayers involved in aggressive tax planning more than doubled. This aggressive form of financial planning poses a serious threat to the integrity of Australia’s tax system. In order to deal with the problem, the Australian Taxation Office (Tax Office) announced in 1998 that they would be implementing a number of initiatives aimed at combating aggressive tax planning. Part of the Tax Office’s crackdown on aggressive tax planning involved issuing amended assessments to the 42 000 Australians who invested in mass marketed tax schemes. The majority of scheme investors, however, resisted the Tax Office’s attempts to recover scheme related tax debts. This paper discusses the findings of an empirical study that shows that the widespread resistance exhibited by scheme investors was due partly to the manner in which the Tax Office dealt with the schemes issue. Using survey data collected from 2301 tax scheme investors, and 2040 taxpayers from the general population, it will be shown that those who invested in tax schemes are more disillusioned with the tax system, are more hostile and resistant towards the Tax Office, and are more likely to resent paying tax as a result. Suggestions for the way regulatory authorities such as the Tax Office should deal with non-compliers...

New Voices in Investment : A Survey of Investors from Emerging Countries

Gomez-Mera, Laura; Kenyon, Thomas; Margalit, Yotam; Reis, Jose Guilherme; Varela, Gonzalo
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication
ENGLISH; EN_US
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One out of every three dollars invested abroad in 2012 was originated in multinationals from developing countries. This study sheds light on the characteristics, motivations, strategies, and needs of emerging market investors. By including information on investors, potential investors, and non-investors, the study identifies differentiating factors among them that are associated with investment decisions. Results show that emerging market investors are active players in international trade markets; they operate predominantly in manufacturing, and are publicly listed and larger than non-investors. They exhibit a strong regional bias: they invest more heavily in neighbors and in other countries in their own regions. Outward FDI from emerging markets is primarily market-seeking. Expanding regional and host markets emerged as the most important factor influencing the location of investments. However, emerging markets' firms face binding costs of investing in distant, culturally dissimilar markets, resulting...

Microfinance Investors Adjust Strategy in Tougher Market Conditions

Glisovic, Jasmina; Reille, Xavier
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
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Microfinance Investment Vehicles (MIVs) in 2010 are confronting the most challenging investment environment since the 1990s. Over the past two years, microfinance investors witnessed a handful of debt defaults and a major slowdown in demand for capital from microfinance institutions (MFIs) a sharp contrast after the heady market growth experienced in previous years. However, MIVs continue to grow and earn positive returns. This brief presents the major trends within the MIV sector to emerge from this year's Consultative Group to Assist The Poorest (CGAP) MIV survey, powered by Symbiotic. It also highlights the growing commitment among MIVs to sound environment, social, and governance (ESG) practices. The last section discusses MIV challenges and prospects.

Technological Asymmetry Among Foreign Investors and Mode of Entry

Saggi, Kamal; Smarzynska Javorcik, Beata
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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How does the preferred entry mode of foreign investors depend on their technological capability relative to that of their rivals? The authors develop a simple model of entry mode choice and evaluate its main testable implication using data on foreign investors in Eastern European countries and the successor states of the former Soviet Union. The model considers competition between two asymmetric foreign investors and captures the following tradeoffs: while a joint venture helps a foreign investor secure a better position in the product market compared with its rival, it also requires that profits be shared with the local partner. The model predicts that the efficient foreign investor is less likely to choose a joint venture and more likely to enter directly relative to the inefficient investor. The authors' empirical analysis supports this prediction: foreign investors with more sophisticated technologies and marketing skills (relative to other firms in their industry) tend to prefer direct entry to joint ventures. This empirical finding is robust to controlling for host country-specific effects and other commonly cited determinants of entry mode.

Managers, Investors, and Crises : Mutual Fund Strategies in Emerging Markets

Kaminsky, Graciela; Lyons, Richard; Schmukler, Sergio
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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The authors address the trading strategies of mutual funds in emerging markets. The data set they develop permits analyses of these strategies at the level of individual portfolios. A methodologically novel feature of their analysis: they disentangle the behavior of fund managers from that of investors. For both managers and investors, they strongly reject the 0 hypothesis of no momentum trading. Funds' momentum trading is positive: they systematically buy winners and sell losers. Contemporaneous momentum trading (buying current winners and selling current losers) is stronger during crises, and stronger for fund investors than for fund managers. Lagged momentum trading (buying past winners and selling past losers) is stronger during noncrises, and stronger for fund managers. Investors also engage in contagion trading-selling assets from one country when asset prices fall in another. These findings are based on data about mutual funds that represent only 10 percent of the market capitalization in the countries considered. Were it a larger share of the market...

Does It Matter Where You Come From? Vertical Spillovers from Foreign Direct Investment and the Nationality of Investors

Javorcik, Beata Smarzynska; Saggi, Kamal; Spatareanu, Mariana
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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The authors use a firm-level panel data set from Romania to examine whether the nationality of foreign investors affects the degree of vertical spillovers from foreign direct investment. Investors' country of origin may matter for spillovers to domestic producers in upstream sectors (supplying intermediate inputs) in two ways. First, the share of intermediate inputs sourced by multinationals from a host country is likely to increase with the distance between the host and the source economy. Second, the sourcing pattern is likely to be affected by preferential trade agreements that cover some but not other source economies. In this case, the Association Agreement signed between Romania and the European Union (EU) implies that inputs sourced from the EU are subject to a lower tariff than inputs sourced from America or Asia. Moreover, while for European investors intermediate inputs sourced from home country suppliers comply with the rules of origin and thus can be exported to the EU on preferential terms, this would not be the case for home country suppliers of American or Asian multinationals. Therefore...

Liquidity Clienteles : Transaction Costs and Investment Decisions of Individual Investors

Anginer, Deniz
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
37.1%
Theoretical papers link the liquidity premium to the optimal trading decisions of investors facing transaction costs. In particular, investors' holding periods determine how transaction costs are amortized and priced in asset returns. Using a unique data set containing two million trades, this paper investigates the relationship between holding periods and transaction costs for 66,000 households from a large discount brokerage. The author finds that transaction costs are an important determinant of investors' holding periods, after controlling for household and stock characteristics. The relationship between holding periods and transaction costs is stronger among more sophisticated investors. Households with longer holding periods earn significantly higher returns after amortized transaction costs, and households that have holding periods that are positively related to transaction costs earn both higher gross and net returns. The author shows that there is correlation in the demand for liquid assets across households and...

Corporate Governance in Emerging Markets : Why It Matters to Investors—and What They Can Do About It

Ararat, Melsa; Dallas, George
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
37.07%
What should investors do when scholarly research on corporate governance in emerging markets does not provide conclusive evidence on which aspects of governance matter most across all the emerging markets and how they affect firm performance? A researcher and a practitioner team up to offer guidelines and recommendations that focus on board independence and business group affiliation. Every day, institutional investors in emerging markets must make practical decisions on the basis of incomplete and at times conflicting information. So, it is critically important that they make the best use of this imperfect knowledge. Moreover, investors too often enter emerging markets with misguided perceptions of the underlying realities. And worse, they may cling to a conceptual framework of governance that does not allow them even to consider the searching questions they should be asking. This Private Sector Opinion, by the authors, explicitly highlights this problem. The authors identify a serious gap in research on emerging markets between high-level cross-country studies...

Three Essays on Institutional Investors

Zhong, LIGANG
Fonte: Quens University Publicador: Quens University
Tipo: Tese de Doutorado
EN; EN
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In this dissertation, I investigate the impact of institutional investors on security prices and corporate policies, and offer a new perspective on the vital role that institutional investors play in the modern capital market. Specifically, on the impact on security price movements, I design a new measure of stock-level sentiment based on mutual fund publically disclosed portfolio information and provide a new dimension to better predict stock returns. A trading strategy based on the new sentiment metrics can generate an annualized alpha of 21.27%. The abnormal returns cannot be explained by the time-varying expected returns and transaction costs, and can be best explained by mutual fund overreactions. Hence, my findings can be interpreted as a new anomaly in a new era-when institutional investors are the marginal traders. On the impact on corporate policy side, I document two pieces of new empirical evidence on the importance of long-term institutional holdings: the entrenchment effect of long-term institutional holdings in the context of corporate financing decisions and the active monitoring role of long-term institutional investors in the context of international firms’ accounting qualities. Combined with previous studies which favour a long-term institutional investor...

Capital Market Instruments to Mobilize Institutional Investors to Infrastructure and SME Financing in Emerging Market Economies; Report for the G20

World Bank Group; International Monetary Fund; OECD
Fonte: World Bank, Washington, DC; International Monetary Fund, Washington, DC; and OECD, Paris Publicador: World Bank, Washington, DC; International Monetary Fund, Washington, DC; and OECD, Paris
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
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This report seeks to identify key capital markets instruments that can help mobilize institutional investors to infrastructure and small and medium enterprises (SME) financing in emerging market economies (EMEs). EMEs face financing gaps in infrastructure and SMEs that if not addressed can stifle growth and affect shared prosperity. This report is structured as follows: this section explains the objective of this report and the scope of the work undertaken. Section two provides an overview of the size and importance of institutional investors in EMEs and their current portfolio allocation. Sections three and four analyze key capital markets instruments that might help to mobilize institutional investors in EMEs to infrastructure and SME financing, and their current use in AEs and EMEs. Section five explains the challenges affecting the development of capital markets instruments in EMEs. Section six provides an overview of the role of governments and multilateral development banks (MDBs). Section seven draws conclusions and offer recommendations about actions that EMEs will need to undertake to mobilize institutional investors to infrastructure and SME financing.

The Role of Institutional Investors in Voting: Evidence from the Securities Lending Market The Journal of Finance

Aggarwal, Reena; Saffi, Pedro A. C.; Sturgess, Jason
Fonte: Wiley Publicador: Wiley
Tipo: Article; accepted version
EN
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This is the accepted manuscript. The final version is available at http://onlinelibrary.wiley.com/doi/10.1111/jofi.12284/abstract.; This paper investigates voting preferences of institutional investors using the unique setting of the securities lending market. Investors restrict lendable supply and/or recall loaned shares prior to the proxy record date to exercise voting rights. Recall is higher for investors with greater incentives to monitor, for firms with poor performance or weak governance, and for proposals where returns to governance are likely higher. At the subsequent vote, recall is associated with less support for management and more support for shareholder proposals. Our results indicate that institutions value their vote and use the proxy process to affect corporate governance.

Institutional Investors and the Short-Term Focus: A Study on the Companies Traded at Bovespa; Investidores Institucionais e o Foco no Curto Prazo: um Estudo nas Empresas Negociadas na Bovespa

Ferri, Melícia da Silva; Soares, Rodrigo Oliveira
Fonte: Universidade Federal de Minas Gerais - Departamento de Ciências Contábeis Publicador: Universidade Federal de Minas Gerais - Departamento de Ciências Contábeis
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Artigo Avaliado pelos Pares; ; Formato: application/pdf
Publicado em 21/12/2009 POR
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Institutional Investors generally are associated with good corporate governance practices since they have high capacity to monitor the company’s management. However, it can be argued (BUSHEE, 1998) that the presence of such investors may be associated with earnings management, seeking short term rather than long term returns. This article aims to investigate links between the presence of institutional investors and the focus of firm’s investments in the short term rather than long-term. It was carried out two statistical tests: a non-parametric (Wilcoxon test) and parametric one (t-test). The firms into the sample are the most liquid firms traded at Bovespa. The main results can not discard the possibility that there are management results, encouraging further studies.; Os investidores institucionais são, geralmente, associados às boas práticas de governança corporativa, dado que os mesmos possuem alta capacidade de monitoração da administração da empresa. Entretanto, pode ser argumentado (BUSHEE, 1998) que a presença de tais investidores pode estar associada a um comportamento de gerenciamento de resultados, privilegiando o curto prazo em detrimento do longo prazo. O presente artigo objetiva investigar relações entre a presença de investidores institucionais e o foco das empresas em investimento de curto prazo em detrimento do de longo prazo. Para tanto foram realizados dois testes estatísticos...