This paper estimates the effects of peer benchmarking by institutional investors on asset prices. To identify trades purely due to peer benchmarking as separate from those based on fundamentals or private information, the paper exploits a natural experiment involving a change in a government imposed underperformance penalty applicable to Colombian pension funds. This change in regulation is orthogonal to stock fundamentals and only affects incentives...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2015/04/14
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Рабочий документ в рамках исследования вопросов политики
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WPS7239
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1
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1
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2015/04/14
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Disclosed
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Asset price effects of peer benchmarking : evidence from a natural experiment
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Finance & Private Sector Development
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Официальная версия документа (может содержать подписи, и т.д.)