Pension funds have been expected to invest in a wide range of securities and provide liquidity to domestic capital markets since they are the most sophisticated investors, with plenty of resources to gather private information and manage portfolios professionally. However, by analyzing unique, monthly asset-level data from the pioneer case of Chile, this paper shows that pension funds tend to herd. This is consistent with pension funds copying each...
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INFORMATION
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2011/06/01
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Document de travail de recherche sur les politiques
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WPS5700
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1
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1
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2011/06/01
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Disclosed
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Deconstructing herding : evidence from pension fund investment behavior
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asset class
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