haku: @journal_id 4452 / yhteensä: 26
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| Tekijä: | Ackert, L. F. Athanassakos, G. |
| Otsikko: | Visibility, Institutional Preferences and Agency Considerations |
| Lehti: | Journal of Psychology and Financial Markets
2001 : VOL. 2:4, p. 201-209 |
| Asiasana: | INSTITUTIONS PREFERENCES AGENCIES ANALYTICAL REVIEW |
| Kieli: | eng |
| Tiivistelmä: | The authors show that market frictions and agency considerations are important concerns when institutional investors make portfolio allocation decisions. For a sample of widely followed firms, institutional holdings increase with increases in visibility as measured by the number of analysts following the firm. The authors also report a significant seasonal pattern ' in institutional holdings consistent with the gamesmanship hypothesis, which asserts that institutions rebalance their portfolios in response to agency considerations. Finally, the authors find that excess returns are highly seasonal with performance, deteriorating when the following by financial analysts increases. "Followed" firms actually exhibit inferior market performance over the 1981-1996 sample period. |
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