Behavioural biases of Japanese institutional investors: Fund management and corporate governance

Megumi Suto, Masashi Toshino

    研究成果: Article

    25 引用 (Scopus)

    抜粋

    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.

    元の言語English
    ページ(範囲)466-477
    ページ数12
    ジャーナルCorporate Governance
    13
    発行部数4
    DOI
    出版物ステータスPublished - 2005 7

    ASJC Scopus subject areas

    • Management of Technology and Innovation
    • Strategy and Management
    • Business, Management and Accounting(all)

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