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- W59432593 abstract "This paper explores the determinants of heterogeneity in institutional investor portfolio preferences and the relationship between institutions and the clients they serve. I find that the characteristics of an institution’s clients and the characteristics of the institution itself are both important determinants of portfolio preferences and trading behavior. Specifically, I find that institutions traditionally subject to prudent investor laws are more likely to invest in high quality stocks, although, institutions sub-managing money for pension funds are less prudent than pension managers themselves. In addition, I find that institutions with taxable clients are likely to avoid unnecessary dividend taxation and turn over their portfolios less frequently. More generally, institutions exhibit systematic shifts in their exposure to common risk factors that may be explained in part by the levels and changes in client composition. While evidence for a causal link between client shifts and institutional preferences is limited to mutual funds, contemporaneous changes in clients and portfolio characteristics suggest that the dynamics of institutional investment are closely related to the nature of the clients served." @default.
- W59432593 created "2016-06-24" @default.
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- W59432593 date "2007-01-01" @default.
- W59432593 modified "2023-09-25" @default.
- W59432593 title "Determinants of Institutional Investor Behavior" @default.
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- W59432593 doi "https://doi.org/10.2139/ssrn.1932716" @default.
- W59432593 hasPublicationYear "2007" @default.
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