This paper studies whether high-frequency trading (HFT) increases the execution costs of institutional investors. We use technology upgrades that lower the latency of the London Stock Exchange to obtain variation in the level of HFT over time. Following upgrades, the level of HFT increases. Around these shocks to HFT, as far as can [...]
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Posted on January 13th, 2013
Publisher: FSA (Financial Services Authority) Topics: financial markets, institutional asset management, IT technologies Posted on October 21st, 2012
With interest in infrastructure investments on the rise among and the fundraising market continuing to grow, this report examines Preqin’s latest data on infrastructure investors’ future searches and mandates. Which strategies and regions are investors planning to make their next commitments to? When will they look to make their next investment, and how [...] Posted on October 4th, 2012
Natixis Global Asset Management released results of a study of institutional investors, which was undertaken by its Durable Portfolio Construction Research Center. Survey respondents were based in 13 countries in Asia, Europe and the Middle East, as well as the United Kingdom and the United States. Highlights: Eight in 10 (80%) global institutional [...] Posted on September 27th, 2012
The authors of this paper show that the local bias in U.S. mutual fund portfolios varies significantly over time and is more pronounced at times of heightened market uncertainty, such as during financial crises. These results do not depend on changes in fund scale or firm characteristics. Additionally, this paper does not find [...] Posted on September 25th, 2012
Diversification has its obvious benefits but its pursuit can involve a trade-off between risk-controls and returns. The authors of this paper investigate this trade-off by examining the relative performance of diversified versus concentrated portfolios both formed on the basis of the same stock preferences. Using US equity mutual funds as our data base, [...] 17 pages
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