Institutional and individual investors: Saving for old age

Are the Chinese Saving for Old Age?

Worldwide, older people’s support used to be the adult children’s responsibility. In China, two generations after introducing the one-child policy in the late 70-ies, this becomes an increasingly demanding obligation. The Chinese government took the responsibility to mitigating oldage poverty risks and realized unprecedented progress in pension coverage. At the same time, the household savings ...

Long-Term Institutional Investors and social

the investment horizons of institutional investors can affect monitoring incentives which might ultimately make an impact on firm CSR decisions. Hence, this paper investigates the effects of institutional investor’s investment horizons on CSR activities.This research has been carried out using annual data of companies accepted in Tehran Stock Exchange during the period of 2011-2018. By screenin...

Exploring Options for Institutional Investors

Asset Prices and Institutional Investors∗

Empirical evidence indicates that trades by institutional investors have sizable effects on asset prices, generating phenomena such as index effects, asset-class effects and others. It is difficult to explain such phenomena within standard representative-agent asset pricing models. In this paper, we consider an economy populated by institutional investors alongside standard retail investors. In...

Institutional Investors and Stock Market

We present a theory of excess stock market volatility, in which market movements are due to trades by very large institutional investors in relatively illiquid markets. Such trades generate significant spikes in returns and volume, even in the absence of important news about fundamentals. We derive the optimal trading behavior of these investors, which allows us to provide a unified explanation...