Information Asymmetries and Institutional Investor Mandates

Didier, Tatiana

dc.creator	Didier, Tatiana
dc.date	2012-03-19T18:00:53Z
dc.date	2012-03-19T18:00:53Z
dc.date	2011-03-01
dc.date.accessioned	2023-02-17T20:55:07Z
dc.date.available	2023-02-17T20:55:07Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110310145840
dc.identifier	http://hdl.handle.net/10986/3353
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244317
dc.description	The preference among foreign institutional investors for large firms is widely documented. This paper deepens our understanding of international investments by providing evidence that foreign institutional investors with broader investment scopes prefer to invest in firms where they are less prone to information disadvantages than more specialized ones. In other words, there is heterogeneity in how information asymmetries affect investors' portfolio choices. Theoretically, a model with costly information and short-selling constraints shows that the broader the investor's mandate, the smaller the incentives to gather and process costly information. Empirically, an analysis of the mutual fund industry in the United States supports this hypothesis.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5586
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ABNORMAL RETURN
dc.subject	ACCOUNTING
dc.subject	ADVERSE SELECTION
dc.subject	ASSET BASE
dc.subject	ASSET HOLDINGS
dc.subject	ASSET PRICES
dc.subject	ASSET PRICING
dc.subject	ASSET PRICING ANOMALIES
dc.subject	ASSET RETURN
dc.subject	ASSETS
dc.subject	ASSETS UNDER MANAGEMENT
dc.subject	AVERAGE FUND
dc.subject	BALANCE SHEET
dc.subject	BARRIERS TO INVESTMENT
dc.subject	BONDS
dc.subject	BOOK VALUE
dc.subject	BORROWERS
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL MARKET
dc.subject	CASH FLOW
dc.subject	CASH FLOWS
dc.subject	COUNTRY RISKS
dc.subject	DEBT
dc.subject	DEBT MARKETS
dc.subject	DEVELOPING COUNTRIES
dc.subject	DISCLOSURE
dc.subject	DISCLOSURE OF INFORMATION
dc.subject	DIVERSIFICATION
dc.subject	DIVERSIFIED PORTFOLIOS
dc.subject	DIVIDEND
dc.subject	DIVIDEND YIELD
dc.subject	DOMESTIC INSTITUTIONAL INVESTORS
dc.subject	DOMESTIC INVESTMENTS
dc.subject	DOMESTIC INVESTORS
dc.subject	DOMESTIC MARKET
dc.subject	DOMESTIC PORTFOLIOS
dc.subject	DOMESTIC STOCK
dc.subject	DUMMY VARIABLE
dc.subject	EARNINGS GROWTH
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET ASSETS
dc.subject	EMERGING MARKET EQUITY
dc.subject	EMERGING MARKET EQUITY PORTFOLIOS
dc.subject	EMERGING MARKET FUNDS
dc.subject	EQUITIES
dc.subject	EQUITY
dc.subject	EQUITY HOLDINGS
dc.subject	EQUITY MARKETS
dc.subject	EQUITY MUTUAL FUNDS
dc.subject	EQUITY PRICES
dc.subject	FINANCE
dc.subject	FINANCE CORPORATION
dc.subject	FINANCIAL ANALYSTS
dc.subject	FINANCIAL ASSETS
dc.subject	FINANCIAL COMPANY
dc.subject	FINANCIAL DISTRESS
dc.subject	FINANCIAL HEALTH
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL STUDIES
dc.subject	FOREIGN ASSET
dc.subject	FOREIGN EQUITY
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN FUNDS
dc.subject	FOREIGN HOLDINGS
dc.subject	FOREIGN INSTITUTIONAL INVESTORS
dc.subject	FOREIGN INVESTMENT
dc.subject	FOREIGN INVESTMENTS
dc.subject	FOREIGN INVESTOR
dc.subject	FOREIGN INVESTORS
dc.subject	FOREIGN PORTFOLIO
dc.subject	FOREIGN STOCKS
dc.subject	FUND CHARACTERISTIC
dc.subject	FUND CHARACTERISTICS
dc.subject	FUND MANAGERS
dc.subject	FUND SIZE
dc.subject	FUND TYPE
dc.subject	FUND TYPES
dc.subject	FUTURE
dc.subject	GLOBAL FUND
dc.subject	GLOBAL FUNDS
dc.subject	GLOBAL MARKET
dc.subject	GLOBAL MUTUAL FUND
dc.subject	GLOBAL MUTUAL FUNDS
dc.subject	GLOBALIZATION
dc.subject	GLOBALIZATION OF SECURITIES
dc.subject	GUARANTEE
dc.subject	HEDGE
dc.subject	HEDGE FUNDS
dc.subject	HOME COUNTRY
dc.subject	INCOME
dc.subject	INDIRECT BARRIERS
dc.subject	INDIVIDUAL INVESTORS
dc.subject	INFORMATION ASYMMETRIES
dc.subject	INFORMATION DISCLOSURE
dc.subject	INFORMATION DISCLOSURES
dc.subject	INFORMATIONAL ASYMMETRIES
dc.subject	INFORMED INVESTORS
dc.subject	INSTITUTIONAL INVESTOR
dc.subject	INSTITUTIONAL INVESTORS
dc.subject	INTERESTS
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL CAPITAL
dc.subject	INTERNATIONAL CAPITAL FLOWS
dc.subject	INTERNATIONAL DIVERSIFICATION
dc.subject	INTERNATIONAL ECONOMICS
dc.subject	INTERNATIONAL FINANCE
dc.subject	INTERNATIONAL FINANCIAL MARKETS
dc.subject	INTERNATIONAL INVESTMENT
dc.subject	INTERNATIONAL INVESTMENTS
dc.subject	INTERNATIONAL INVESTORS
dc.subject	INTERNATIONAL MARKETS
dc.subject	INTERNATIONAL PORTFOLIO
dc.subject	INVESTING
dc.subject	INVESTMENT
dc.subject	INVESTMENT BEHAVIOR
dc.subject	INVESTMENT DECISIONS
dc.subject	INVESTMENT FLOWS
dc.subject	INVESTMENT MANAGERS
dc.subject	INVESTMENT OPPORTUNITY
dc.subject	ISSUANCE
dc.subject	LIABILITIES
dc.subject	LIQUID ASSETS
dc.subject	LIQUIDITY
dc.subject	LOCAL INVESTORS
dc.subject	LOCAL MARKETS
dc.subject	LOW-INCOME COUNTRIES
dc.subject	MARKET CAPITALIZATION
dc.subject	MARKET PARTICIPANTS
dc.subject	MARKET SEGMENTATION
dc.subject	MARKET VALUE
dc.subject	MIDDLE-INCOME COUNTRIES
dc.subject	MINIMUM INVESTMENT
dc.subject	MINIMUM INVESTMENT REQUIREMENTS
dc.subject	MUTUAL FUND
dc.subject	MUTUAL FUND DATA
dc.subject	MUTUAL FUND HOLDINGS
dc.subject	MUTUAL FUND INDUSTRY
dc.subject	MUTUAL FUND INVESTMENTS
dc.subject	MUTUAL FUND MANAGERS
dc.subject	MUTUAL FUND OWNERSHIP
dc.subject	MUTUAL FUND PERFORMANCE
dc.subject	MUTUAL FUND PORTFOLIO
dc.subject	MUTUAL FUND PORTFOLIO HOLDINGS
dc.subject	MUTUAL FUND PORTFOLIOS
dc.subject	NET ASSETS
dc.subject	NUMBER OF SHARES
dc.subject	OPTIMAL PORTFOLIO
dc.subject	OPTION
dc.subject	OUTSTANDING SHARES
dc.subject	PARTICULAR COUNTRIES
dc.subject	PENSION
dc.subject	PENSION FUNDS
dc.subject	PERFORMANCE MEASURE
dc.subject	PORTFOLIO
dc.subject	PORTFOLIO CHOICE
dc.subject	PORTFOLIO CHOICES
dc.subject	PORTFOLIO HOLDINGS
dc.subject	PORTFOLIO INVESTMENT
dc.subject	PORTFOLIO INVESTMENTS
dc.subject	PORTFOLIO WEIGHT
dc.subject	PORTFOLIO WEIGHTS
dc.subject	PORTFOLIOS
dc.subject	POSITIVE COEFFICIENT
dc.subject	PRICE
dc.subject	PRICE-EARNINGS RATIO
dc.subject	PRIVATE PLACEMENTS
dc.subject	PROTECTION OF MINORITY SHAREHOLDER
dc.subject	REGIONAL FUNDS
dc.subject	RETURN ON ASSETS
dc.subject	RETURNS
dc.subject	RETURNS ON STOCKS
dc.subject	RISK
dc.subject	RISK AVERSION
dc.subject	RISK FACTORS
dc.subject	RISK SHARING
dc.subject	RISKS
dc.subject	SECURITIES
dc.subject	SECURITIES MARKETS
dc.subject	SECURITY
dc.subject	SHARE
dc.subject	SHAREHOLDER
dc.subject	SHAREHOLDER PROTECTION
dc.subject	SHARES
dc.subject	SINGLE ASSET
dc.subject	STOCK
dc.subject	STOCK CHARACTERISTICS
dc.subject	STOCK EXCHANGE
dc.subject	STOCK EXCHANGES
dc.subject	STOCK MARKET
dc.subject	STOCK MARKET TRADING
dc.subject	STOCK RETURNS
dc.subject	STOCKHOLDINGS
dc.subject	STOCKS
dc.subject	TRADE DAY
dc.subject	TRADES
dc.subject	TRADING
dc.subject	TRADING ACTIVITY
dc.subject	TRADING COSTS
dc.subject	TRANSACTION
dc.subject	TRANSACTION COST
dc.subject	TRANSACTION COSTS
dc.subject	TURNOVER
dc.subject	TURNOVER RATIO
dc.subject	TYPE OF INVESTOR
dc.subject	UNINFORMED INVESTOR
dc.subject	UNINFORMED INVESTORS
dc.subject	VALUATION
dc.subject	VOLATILITY
dc.subject	WORLD FUNDS
dc.title	Information Asymmetries and Institutional Investor Mandates
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	The World Region
dc.coverage	The World Region