Publication:
Information Asymmetries and Institutional Investor Mandates

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dc.contributor.authorDidier, Tatiana
dc.date.accessioned2012-03-19T18:00:53Z
dc.date.available2012-03-19T18:00:53Z
dc.date.issued2011-03-01
dc.description.abstractThe 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.en
dc.identifierhttp://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.doi10.1596/1813-9450-5586
dc.identifier.urihttps://hdl.handle.net/10986/3353
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5586
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectABNORMAL RETURN
dc.subjectACCOUNTING
dc.subjectADVERSE SELECTION
dc.subjectASSET BASE
dc.subjectASSET HOLDINGS
dc.subjectASSET PRICES
dc.subjectASSET PRICING
dc.subjectASSET PRICING ANOMALIES
dc.subjectASSET RETURN
dc.subjectASSETS
dc.subjectASSETS UNDER MANAGEMENT
dc.subjectAVERAGE FUND
dc.subjectBALANCE SHEET
dc.subjectBARRIERS TO INVESTMENT
dc.subjectBONDS
dc.subjectBOOK VALUE
dc.subjectBORROWERS
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL MARKET
dc.subjectCASH FLOW
dc.subjectCASH FLOWS
dc.subjectCOUNTRY RISKS
dc.subjectDEBT
dc.subjectDEBT MARKETS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISCLOSURE
dc.subjectDISCLOSURE OF INFORMATION
dc.subjectDIVERSIFICATION
dc.subjectDIVERSIFIED PORTFOLIOS
dc.subjectDIVIDEND
dc.subjectDIVIDEND YIELD
dc.subjectDOMESTIC INSTITUTIONAL INVESTORS
dc.subjectDOMESTIC INVESTMENTS
dc.subjectDOMESTIC INVESTORS
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC PORTFOLIOS
dc.subjectDOMESTIC STOCK
dc.subjectDUMMY VARIABLE
dc.subjectEARNINGS GROWTH
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ASSETS
dc.subjectEMERGING MARKET EQUITY
dc.subjectEMERGING MARKET EQUITY PORTFOLIOS
dc.subjectEMERGING MARKET FUNDS
dc.subjectEQUITIES
dc.subjectEQUITY
dc.subjectEQUITY HOLDINGS
dc.subjectEQUITY MARKETS
dc.subjectEQUITY MUTUAL FUNDS
dc.subjectEQUITY PRICES
dc.subjectFINANCE
dc.subjectFINANCE CORPORATION
dc.subjectFINANCIAL ANALYSTS
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL COMPANY
dc.subjectFINANCIAL DISTRESS
dc.subjectFINANCIAL HEALTH
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL STUDIES
dc.subjectFOREIGN ASSET
dc.subjectFOREIGN EQUITY
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN FUNDS
dc.subjectFOREIGN HOLDINGS
dc.subjectFOREIGN INSTITUTIONAL INVESTORS
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectFOREIGN INVESTOR
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN PORTFOLIO
dc.subjectFOREIGN STOCKS
dc.subjectFUND CHARACTERISTIC
dc.subjectFUND CHARACTERISTICS
dc.subjectFUND MANAGERS
dc.subjectFUND SIZE
dc.subjectFUND TYPE
dc.subjectFUND TYPES
dc.subjectFUTURE
dc.subjectGLOBAL FUND
dc.subjectGLOBAL FUNDS
dc.subjectGLOBAL MARKET
dc.subjectGLOBAL MUTUAL FUND
dc.subjectGLOBAL MUTUAL FUNDS
dc.subjectGLOBALIZATION
dc.subjectGLOBALIZATION OF SECURITIES
dc.subjectGUARANTEE
dc.subjectHEDGE
dc.subjectHEDGE FUNDS
dc.subjectHOME COUNTRY
dc.subjectINCOME
dc.subjectINDIRECT BARRIERS
dc.subjectINDIVIDUAL INVESTORS
dc.subjectINFORMATION ASYMMETRIES
dc.subjectINFORMATION DISCLOSURE
dc.subjectINFORMATION DISCLOSURES
dc.subjectINFORMATIONAL ASYMMETRIES
dc.subjectINFORMED INVESTORS
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINTERESTS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL FLOWS
dc.subjectINTERNATIONAL DIVERSIFICATION
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL INVESTMENT
dc.subjectINTERNATIONAL INVESTMENTS
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINTERNATIONAL MARKETS
dc.subjectINTERNATIONAL PORTFOLIO
dc.subjectINVESTING
dc.subjectINVESTMENT
dc.subjectINVESTMENT BEHAVIOR
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FLOWS
dc.subjectINVESTMENT MANAGERS
dc.subjectINVESTMENT OPPORTUNITY
dc.subjectISSUANCE
dc.subjectLIABILITIES
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDITY
dc.subjectLOCAL INVESTORS
dc.subjectLOCAL MARKETS
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET SEGMENTATION
dc.subjectMARKET VALUE
dc.subjectMIDDLE-INCOME COUNTRIES
dc.subjectMINIMUM INVESTMENT
dc.subjectMINIMUM INVESTMENT REQUIREMENTS
dc.subjectMUTUAL FUND
dc.subjectMUTUAL FUND DATA
dc.subjectMUTUAL FUND HOLDINGS
dc.subjectMUTUAL FUND INDUSTRY
dc.subjectMUTUAL FUND INVESTMENTS
dc.subjectMUTUAL FUND MANAGERS
dc.subjectMUTUAL FUND OWNERSHIP
dc.subjectMUTUAL FUND PERFORMANCE
dc.subjectMUTUAL FUND PORTFOLIO
dc.subjectMUTUAL FUND PORTFOLIO HOLDINGS
dc.subjectMUTUAL FUND PORTFOLIOS
dc.subjectNET ASSETS
dc.subjectNUMBER OF SHARES
dc.subjectOPTIMAL PORTFOLIO
dc.subjectOPTION
dc.subjectOUTSTANDING SHARES
dc.subjectPARTICULAR COUNTRIES
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPERFORMANCE MEASURE
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO CHOICE
dc.subjectPORTFOLIO CHOICES
dc.subjectPORTFOLIO HOLDINGS
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPORTFOLIO INVESTMENTS
dc.subjectPORTFOLIO WEIGHT
dc.subjectPORTFOLIO WEIGHTS
dc.subjectPORTFOLIOS
dc.subjectPOSITIVE COEFFICIENT
dc.subjectPRICE
dc.subjectPRICE-EARNINGS RATIO
dc.subjectPRIVATE PLACEMENTS
dc.subjectPROTECTION OF MINORITY SHAREHOLDER
dc.subjectREGIONAL FUNDS
dc.subjectRETURN ON ASSETS
dc.subjectRETURNS
dc.subjectRETURNS ON STOCKS
dc.subjectRISK
dc.subjectRISK AVERSION
dc.subjectRISK FACTORS
dc.subjectRISK SHARING
dc.subjectRISKS
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSECURITY
dc.subjectSHARE
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDER PROTECTION
dc.subjectSHARES
dc.subjectSINGLE ASSET
dc.subjectSTOCK
dc.subjectSTOCK CHARACTERISTICS
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK EXCHANGES
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET TRADING
dc.subjectSTOCK RETURNS
dc.subjectSTOCKHOLDINGS
dc.subjectSTOCKS
dc.subjectTRADE DAY
dc.subjectTRADES
dc.subjectTRADING
dc.subjectTRADING ACTIVITY
dc.subjectTRADING COSTS
dc.subjectTRANSACTION
dc.subjectTRANSACTION COST
dc.subjectTRANSACTION COSTS
dc.subjectTURNOVER
dc.subjectTURNOVER RATIO
dc.subjectTYPE OF INVESTOR
dc.subjectUNINFORMED INVESTOR
dc.subjectUNINFORMED INVESTORS
dc.subjectVALUATION
dc.subjectVOLATILITY
dc.subjectWORLD FUNDS
dc.titleInformation Asymmetries and Institutional Investor Mandatesen
dspace.entity.typePublication
okr.crossref.titleInformation asymmetries and institutional investor mandates
okr.date.disclosure2011-03-01
okr.date.doiregistration2025-04-10T11:31:46.807361Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110310145840
okr.guid469491468157181861
okr.identifier.doi10.1596/1813-9450-5586
okr.identifier.externaldocumentum000158349_20110310145840
okr.identifier.internaldocumentum13892212
okr.identifier.reportWPS5586
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/03/10/000158349_20110310145840/Rendered/PDF/WPS5586.pdfen
okr.region.administrativeThe World Region
okr.region.administrativeThe World Region
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isAuthorOfPublicatione8bf256b-feec-5fd2-9021-2f34752b8f1e
relation.isAuthorOfPublication.latestForDiscoverye8bf256b-feec-5fd2-9021-2f34752b8f1e
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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