Greener Pastures and the Impact of Dynamic Institutional Preferences

By James A. Bennett, Richard Sias, Laura T. Starks. 2003

667 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance, General Decision Sciences

View Paper: https://www.semanticscholar.org/paper/5283279f91e3303edd6e04c0f28a12a786dfaed8

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Citations in the corpus

A review of tax research (2010, neutral): “individuals for reasons that have nothing to do with taxes (see, e.g., Del Guercio, 1996; Gompers and Metrick, 2001; Bennett et al., 2003; Blouin, 2009).”
How Smart are the Smart Guys? A Unique View from Hedge Fund Stock Holdings (2009, neutral): “Chen, Jegadeesh, and Wermers (2000) show that mutual fund trading, but not their holdings, has predictive power for the cross-section of returns, but Bennett, Sias, and Starks (2003) find that the trading of all institutions fails to predict future returns.”
Local institutional investors, information asymmetries, and equity returns (2010, background): “…suggest that for certain types of institutional investors, their return predictive ability is due to their informational advantages, extending prior research on the informational role of institutional investors (Nofsinger and Sias, 1999; Bennett, Sias, and Starks, 2003; Yan and Zhang, 2009).”
Voting with their feet: institutional ownership changes around forced CEO turnover (2003, background): “First, Del Guercio (1996) and Bennett et al. (2002) find that bank holding companies hold more prudent portfolios than do other institutional investors. Second, Jones et al. (1999) and Sias et al.”
Corporate Social Responsibility as a Conflict Between Shareholders (2010, neutral): “Bennett et al. (2003) use Turnover as an instrument for institutional ownership arguing that institutional investors trade more often than the average investor and, therefore, there is a positive correlation between the two variables.”
Caught on tape: Institutional trading, stock returns, and earnings announcements (2009, background): “Gompers and Metrick (2001) and Bennett, Sias, and Starks (2003) , for example, run cross-sectional regressions of institutional ownership onto characteristics of individual stocks, showing institutional preferences for large, liquid stocks and changes in those preferences over time.”
Bilateral political relations and sovereign wealth fund investment (2012, positive): “In support of this approach, Bennett et al. (2003) find that institutional investors have dynamic preferences.”
Brand Perceptions and the Market for Common Stock (2005, neutral): “…would lack power due to the small number of years following the brand perception survey, which would preclude analyses of the type conducted analysis of dynamic shifts in institutional preferences such as that in Bennett, Sias, and Starks (2003) is also impeded because our sample begins in 1990.”
Institutional Investors and Stock Return Anomalies (2016, neutral): “…acquisition [Banerjee (1992), Bikhchandani, Hirshleifer and Welch (1992)], and tracking of common firm characteristics [Lakonishok, Shleifer, and Vishny (1994), Del Guercio (1996), Falkenstein (1996), Gompers and Metrick (2001), Barberis and Shleifer (2003), Bennett, Sias, and Starks (2003)].”
Idiosyncratic Return Volatility, Cash Flows, and Product Market Competition (2009, neutral): “Bennett, Sias, and Starks (2003) contend that institutional investors’ changing preferences for small stocks have contributed to greater idiosyncratic volatility, particularly for small stocks.”
Agency and Asset Pricing (2008, background): “5On the other hand Bennett et al. (2003) report that although institutional investors have a preference for large capitalization stocks, over time they have shifted their preferences toward smaller, riskier securities.”