The Distribution of Information Among Institutional and Retail Investors and the Impact of Past Investment Performance on the Demand for IPOs

1997 ◽  
Author(s):  
Matti Keloharju
Keyword(s):  
Investment Performance ◽  
Retail Investors ◽  
The Impact

scholarly journals Pension Fund Management, Investment Performance, and Herding in the Context of Regulatory Changes: New Evidence from the Polish Pension System

Risks ◽  
2020 ◽  
Vol 9 (1) ◽  
pp. 6
Author(s):  
Łukasz Dopierała ◽  
Magdalena Mosionek-Schweda
Keyword(s):  
Pension System ◽  
Pension Funds ◽  
Management Style ◽  
Market Model ◽  
Herd Behavior ◽  
Investment Performance ◽  
Fund Managers ◽  
Regulatory Changes ◽  
Increased Risk ◽  
The Impact

The aim of this paper is to assess the impact of reforms introduced in the operation of Polish open pension funds on management style, risk exposure and related investment performance. The article analyzes the impact of the reformed regulations on the herd behavior of fund managers. In particular, we examined whether the elimination of the internal benchmark for fund evaluation impacts the elimination or reduction of herd behavior. We proposed a multi-factor market model to evaluate the performance of funds investing in various types of instruments. Moreover, we used panel estimation to directly take into account the impact of the internal benchmark on herd behavior. Our results indicate that highly regulated funds may slightly outperform passive benchmarks and their unregulated competitors. In the case of Polish open pension funds, limiting investments in Treasury debt instruments clearly resulted in increased risk and volatility of returns. However, it also raised competition between funds and decreased the herd behavior. Additionally, the withdrawal of the mechanism evaluating funds based on the internal benchmark was also important in reducing herd behavior.

scholarly journals The impact of Hurricanes on the value of commercial real estate

2021 ◽  
Author(s):  
Jeffrey D. Fisher ◽  
Sara R. Rutledge
Keyword(s):  
Real Estate ◽  
Property Values ◽  
Commercial Real Estate ◽  
National Council ◽  
Investment Performance ◽  
Individual Property ◽  
Property Type ◽  
Weather Events ◽  
Property Data ◽  
The Impact

AbstractCommercial real estate investors prefer coastal, gateway, markets for liquidity, demand density, and durable returns. Yet, these areas are more vulnerable to the effects of climate change from more intense and frequent weather events such as hurricanes and typhoons as well as to gradual changes such as sea-level rise. Recognition is growing of the risks that these events pose to investment performance, but little is known about how this risk has impacted property values and returns when an event such as a hurricane occurs. This is the first study to analyze the impact on property values and returns from hurricanes causing the most significant damage by value over the past 30-plus years throughout the nation. Using individual property data from the National Council of Real Estate Investment Fiduciaries database, we find a significant impact on the value and rates of return, after accounting for any additional capital expenditures for repairs, for properties that are in areas impacted by a hurricane, relative to areas that were not impacted by a hurricane. These impacts vary by property type and can last for several years after the hurricane hit land in the area.

scholarly journals Impact of agricultural sector investment development on national economic output

2021 ◽  
Vol 26 ◽  
pp. 466-474
Author(s):  
Eka Sastra ◽  
Didin S. Damanhuri ◽  
Noer Azam Achsani ◽  
Ahmad Erani Yustika
Keyword(s):  
Agricultural Sector ◽  
Secondary Data ◽  
Rent Seeking ◽  
Food Crop ◽  
Investment Performance ◽  
Economic Output ◽  
Relative Contribution ◽  
And Performance ◽  
The Impact ◽  
Very High

This study aims to capture the investment performance of the agricultural sector in capital formation and the incremental capital output ratio (ICOR) and its relative contribution to the national economy in the 2011-2020 period. ICOR research method is the ratio of changes in output due to changes in capital as an indicator to measure investment performance. The research data used is secondary data obtained from the Central Statistics Agency (BPS). The results of the study show that the investment performance of the food crop agricultural sector has fluctuated throughout 2011-2020. The impact of the policy on the agricultural sector was generally positive, but in that vulnerable year, investment leakage was found that led to efficiency. The cause of the leakage is the behaviour of rent-seeking which is reflected in the time leading up to the elections, namely in 2014 and 2018 with the leakage rate of the investment budget in that year being very high, namely 74.09% and 84.50%, respectively. The year 2012 was marked by an ICOR value close to 0 (zero) accompanied by the growth and performance of the agri-food sector of 12.80%. In 2013 and 2015 the performance of the food crop sector contributed to the economic growth of the food crop sector by 8.65% and 15.78%. Unfortunately, the potential for loss of income in that year was very high, namely Rp. 8.16 trillion and Rp. 17.45 trillion, respectively. The best period for the performance of the food crop agricultural sector occurred in the rent-seeking behaviour that occurred in 2 motives, namely political and economic motives. Political motives occur through the mechanism of the backing system and lobbying. The economic motive is caused by the emergence of transaction costs for the distribution of subsidized fertilizers so that it leads to an increase in the HET for subsidized fertilizers.

scholarly journals Impact of Behavioral Factors in Making Investment Decisions and Performance: Study on Investors of National Stock Exchange

2019 ◽  
Vol 11 (8) ◽  
pp. 80
Author(s):  
Sarika Keswani ◽  
Vippa Dhingra ◽  
Bharti Wadhwa
Keyword(s):  
Decision Making ◽  
Stock Exchange ◽  
Investment Decision ◽  
Individual Investors ◽  
Behavioral Factors ◽  
Performance Study ◽  
Investment Performance ◽  
Factors Affecting ◽  
Cronbach Alpha ◽  
The Impact

Market anomalies and irrational behavior caused investors changes in the stock market, and this has led to an investigation into the impact of various behavioral biases and factors affecting decision-making for individual investors. The purpose of this study was to find out the effect of the four factors, heuristic, prospect, market, herding on decisions of investors at NSE. Data are collected from the questionnaire on the basis of a likert scale. To determine the reliability of the questionnaire, the Cronbach alpha factor, which was 0.728, was used. EFA and multiple regression tests have been applied. Cronbach-alpha was used to check the interal consistency of the element. Cronbach alpha emphasized to each factor: Heuristic, Prospect, Market, Herding, Investment performance and Investors decisions that consistency at an acceptable level. The result of the analysis is that the four variables have greatly influenced the investment decision and return on investment. All behavioral variables have a significant impact on the decision-making process of investors, which led to the acceptance of all assumptions regarding the level of influence of behavioral factors in decision making for individual investors.

scholarly journals Influence of Behavioural Biases on Investment Decision Making in Bhubaneswar Region

2019 ◽  
Vol 8 (3) ◽  
pp. 8297-8301
Keyword(s):  
Decision Making ◽  
Investment Decision ◽  
Descriptive Analysis ◽  
Sampling Technique ◽  
Primary Data ◽  
Behavioural Finance ◽  
Investment Decision Making ◽  
Retail Investors ◽  
The Individual ◽  
The Impact

Behavioural Finance has gained a lot more importance in recent era. In the fast moving world where the standard finance fails to explain the irrational behavior of the investors, behavioural finance tries to identify the cause for such behavior which otherwise called as behavioural anomalies. The purpose of this research paper is to identify such anomalies and also to examine whether the behavioural biases has any influence in the investment decision making by the retail investors. This paper also put an emphasis to find out which among the different biases has the most and least influence on the individual investment decision making process. This study has used primary data for knowing the impact of factors such as gender, age, occupation, income, sector preference, and instruments preferred for investments, source of information, intention behind investment and consideration before investment. Descriptive analysis has been done to check the impact of these factors along with correlation and other. The sampling technique used here is non-probabilistic convenience sampling. The data has been collected through structured questionnaire based on five point Likert scale from the retail investors of Bhubaneswar region. This research shall interest the company, policy makers and the issuers of securities about the interest and preferences of individuals before issuing securities in the market.

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