Procyclical Behavior Of Institutional Investors During The Recent Financial Crisis
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Procyclical Behavior of Institutional Investors During the Recent Financial Crisis
Author | : Mr.Michael G Papaioannou |
Publisher | : International Monetary Fund |
Total Pages | : 53 |
Release | : 2013-09-11 |
Genre | : Business & Economics |
ISBN | : 1484375556 |
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This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.
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