search query: @journal_id 798 / total: 230
reference: 4 / 230
| Author: | Bennett, J. A. Sias, R. W. Starks, L. T. |
| Title: | Greener pastures and the impact of dynamic institutional preferences |
| Journal: | Review of Financial Studies
2003 : WINTER, VOL. 16:4, p. 1203-1238 |
| Index terms: | Stock markets Institutional investors |
| Language: | eng |
| Abstract: | Although institutional investors have a preference for large capitalization stocks, they have shifted their preferences toward smaller, rieskier 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 in preferences helps explain why markets in general, and smaller stocks i particular, have exhibited greater firm-specific risk and liquidity in recent years. In sum, the results suggest that the shift in preferences results from institutional investors' belief that smaller stocks offer "greener pastures". |
SCIMA