Behavioural Biases of Japanese Institutional Investors: Fund Management and Corporate Governance
Behavioural Biases of Japanese Institutional Investors: Fund Management and Corporate Governance
复制标题
日本机构投资者的行为偏差：基金管理与公司治理
DOI：
10.1111/j.1467-8683.2005.00442.x
复制
发表时间：
2005
期刊：
影响因子：
--
通讯作者：
Masashi Toshino
中科院分区：
文献类型：
--
作者：
M. Suto;Masashi Toshino
本研究基于 2003 年对基金经理进行的问卷调查结果，探讨了日本机构投资者的行为偏差，并讨论了其在公司治理中的作用。调查结果的统计分析显示，基金经理在客户或机构约束的压力下，存在投资期限、从众行为和自我营销以改善投资组合表现的短期偏差。我们的结论是，机构投资者的行为与其作为股东的角色相矛盾。版权所有布莱克韦尔出版有限公司 2005。
This study examines the behavioural biases of Japanese institutional investors and discusses implications for their role in corporate governance, based on the findings of a questionnaire survey of fund managers carried out in 2003. Statistical analysis of the survey results reveals a short-term bias in fund managers' investment time horizons, herding and self-marketing to improve the appearance of portfolio performance under the pressure either of customers or of institutional restraints. We conclude that institutional investors' behaviour contradicts their role as shareholders. Copyright Blackwell Publishing Ltd 2005.
影响因子：
--
作者：
Charumilind, C;Kali, R;Wiwattanakantang, Y
通讯作者：
Wiwattanakantang, Y