The DOI matches its Crossref record; 31 of the 31 references it cites were found in a registry or an index.
Greener Pastures and the Impact of Dynamic Institutional Preferences
Abstract
Although institutional investors have a preference for large capitalization stocks, over time they have shifted their preferences toward smaller, riskier 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 shift in preferences helps explain why markets in general, and smaller stocks in particular, have exhibited greater firm-specific risk and liquidity in recent years. Additional analyses suggest that institutional investors moved toward smaller securities because such securities offer “greener pastures.”
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Cites
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GRUBER, M. J. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb02707.x · Cited by 2,065
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Cited by
The colors of investors’ money: The role of institutional investors around the world
Ferreira, M. A., & Matos, P. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.003 · Cited by 1,975
Equity Portfolio Diversification
Goetzmann, W. N., & Kumar, A. (2008) · Review of Finance · doi:10.1093/rof/rfn005 · Cited by 1,222
Institutional Investors and Equity Returns: Are Short-term Institutions Better Informed?
Yan, X. (., & Zhang, Z. (2009) · Review of Financial Studies · doi:10.1093/revfin/hhl046 · Cited by 916
Institutional Investors and Executive Compensation
Hartzell, J. C., & Starks, L. T. (2000) · SSRN Electronic Journal · doi:10.2139/ssrn.236592 · Cited by 632
Self-citationPresidential Address: Sustainable Finance and ESG Issues— Value versus Values
STARKS, L. T. (2023) · The Journal of Finance · doi:10.1111/jofi.13255 · Cited by 474
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Metadata
- Authors
- Bennett, J. A., Sias, R. W., & Starks, L. T.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2003-10
- Volume
- 16
- Issue
- 4
- Pages
- 1203-1238
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W1980077269
- Cited by
- 668
- References
- 31
- FWCI
- 21.53
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
