Journal articles: 'Investor types'

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Kim, Kyung Soon, Jinwoo Park, and Yun W. Park. "Differential informativeness of analyst reports by investor types." Managerial Finance 43, no. 5 (May 8, 2017): 567–94. http://dx.doi.org/10.1108/mf-06-2016-0166.

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Purpose The purpose of this paper is to investigate whether there is any difference across individual investors, domestic and foreign institutional investors in trading volume responses to analyst reports. The authors also examine the determinants of trading volume responses using firm as well as forecast characteristics. Design/methodology/approach The authors use trading data from the Korean equity market. The authors divide investors into three classes of investors; namely, individual investors, domestic institutional investors, and foreign institutional investors. The authors then examine whether the trading responses to analyst reports vary across investor types, and how firm characteristics and characteristics of analyst reports influence the trading activities on the release dates across investor types. Findings Individual investors are the most responsive investor group, being responsive to analyst reports on small, neglected firms with large inside ownership as well as to analyst reports with optimistic forecasts. Domestic institutional investors are responsive to reports on neglected firms with high return volatility while foreign institutional investors show least responses. Originality/value There are few studies that investigate whether the trading responses to analyst reports vary across investor types and how firm characteristics and characteristics of analyst reports influence the trading activities on the release dates across investor types. Taking advantage of the trading volume data for the three main investor types in the Korean stock market, the authors study the trading volume responses for each investor type and make comparisons across investor types.

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Chakma, Justin. "Educate physicians about investor types." Nature 494, no. 7437 (February 2013): 314. http://dx.doi.org/10.1038/494314d.

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Kiyak, Deimena. "Individual investor investment alternatives assessment criteria modelling." Buhalterinės apskaitos teorija ir praktika, no. 16 (July 5, 2019): 114–28. http://dx.doi.org/10.15388/batp.2014.no16.11.

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Private investment is one of the most important people financial components. Basically, it is an investment activity undertaken by individuals. In most cases investment efforts are intended to ensure the financial security later in life. The choice of them is relatively wide. However, for individual investors information about this receipt flow frequent is limited or poorly accessible. Therefore individual investors potential types of investment choices, their benefits and disadvantages of summation research in this area is valuable, relevant and new, both in theoretical and practical terms. Objective of the study - conclude individual investors potential investment alternatives selection model under the most relevant criteria. For an individual investor to understand the possible role of investment and management capabilities article summarizes the works of scientists presented the concept of investment. Individual investor's investment - is the active use of money, during which the money earns money and work for people and the partially guarantees additional revenue, provide permanent capital increase to satisfy the personal needs, implementing personal financial goals. For individual investor is most relevant investment funds classify according to investment properties, investor type and by period of investment and risk levels. In order to evaluate the investment options preferred by an individual investor was identified seven individual investors potential investment alternatives evaluation criteria: low risk of losing money; a high return; the initial amount of capital; lack of knowledge; access to information; short payback period; lack of need for continuous investment. In Article individual investor's investment options structured, provided essential types of investments advantages and disadvantages, also investments divided into two main groups. 1. Investment alternatives that do not require a large initial capital or nor the additional knowledge, and with little risk of losing money, the long payback period, adequate information dissemination about them, but with little return (deposits, government saving measures, gold). 2. Investment options on which information is available in difficult, often require additional knowledge, a bigger risk of losing money, but a short payback period (stocks, real estate, art values).

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Tuttle, Jonathan R., Matthew E. Kaplan, and Benjamin R. Pedersen. "Who is the “reasonable investor”?" Journal of Investment Compliance 17, no. 4 (November 7, 2016): 61–64. http://dx.doi.org/10.1108/joic-09-2016-0044.

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Purpose To discuss how two recent court decisions applied the materiality standard concerning information disclosed to investors and the definition of a “reasonable investor”. Design/methodology/approach Explains the origins and evolution of the materiality standard and the “reasonable investor” paradigm, discusses the difficulty in applying the materiality standard in the absence of a clear definition of the “reasonable investor”, and addresses potential implications of two 2016 cases, Flannery v. SEC and United States v. Litvak, on whether materiality should be applied on a subjective, rather than objective, basis and evidentiary burdens in proving materiality. Findings Flannery and Litvak suggest that, in assessing what information is material to a “reasonable investor”, courts may place increasing weight on the relative sophistication of investors, the types of securities and the nature of the markets in which they are investing, and types of information investors in those securities and markets typically consider to be material. Originality/value Informed analysis by experienced practitioners in capital markets, financial services and securities litigation.

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Che, Limei. "Investor types and stock return volatility." Journal of Empirical Finance 47 (June 2018): 139–61. http://dx.doi.org/10.1016/j.jempfin.2018.03.005.

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Özogul, Sara, and Tuna Tasan-Kok. "One and the Same? A Systematic Literature Review of Residential Property Investor Types." Journal of Planning Literature 35, no. 4 (August 18, 2020): 475–94. http://dx.doi.org/10.1177/0885412220944919.

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This article presents a systematic literature review on residential property investor types in selected social science disciplines and critically evaluates the status quo of academic engagement within this diverse group of property market actors. A recurring critique in recent years has been the minimal acknowledgment of investor heterogeneity particularly in relation to urban development and the financialization of housing. Yet, to date, there is no systematic evidence supporting these contentions. Therefore, we conducted an exhaustive literature review of residential investment landscapes through the Web of Science citation database in the following fields: Urban and regional planning, geography, sociology, urban studies, public administration, and economics. Subsequently, we methodically searched for the types of investors addressed, and investor categories employed, in journal articles published between 2000 and 2019. Following a meta-categorization of the results, we demonstrate how existing literature differentiates investors in terms of their spatial scale of operation, size and social composition, investment object and finance, or investment and social behavior. Additionally, we highlight the key topics and issues addressed in the reviewed literature within each meta-category. We propose to turn the four meta-categories into a multidimensional analytical framework as a point of departure for a more nuanced and in-depth understanding of investor differentiations, a tool that is urgently needed in Planning Studies and related disciplines. Furthermore, we argue that mixed method approaches combining hard and quantifiable with soft behavioral investor characteristics, as well as institutional analyses combining structural considerations with actors’ agency, are indispensable to disentangle contemporary residential property market dynamics.

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Annuar, Hairul Azlan. "Changes in ownership forms and role of institutional investors in governing public companies in Malaysia." Journal of Accounting & Organizational Change 11, no. 4 (November 2, 2015): 455–75. http://dx.doi.org/10.1108/jaoc-08-2012-0068.

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Purpose – The purpose of this paper is to ascertain whether different types of institutional investor in Malaysia are involved in the corporate governance of their investee companies, and, if yes, to what extent is the level of the involvement. Design/methodology/approach – A qualitative approach, consisting of a series of interviews with 18 senior investment managers of different types of institutional investor, was chosen. Findings – The findings suggest that lessons learnt from the fallout of the Asian crisis has made Malaysian institutional investors not only to be more prudent in managing their total funds and in making equities investment decisions, but has resulted in a more active participation in their “core” investee companies apart from merely discharging their voting rights. Interview analysis revealed that government-linked investment companies are championing the cause and could possibly affect the overall level of institutional investors’ involvement, which bode well for the future of the corporate governance system of the country. Research limitations/implications – Generalisations may be an issue when interviews are used as the method of inquiry. Also, the sample is not random, as access to many managers depended on recommendations. In addition, respondents were consciously selected to obtain different types of institutional investors that included government and non-government linked. Originality/value – There is a lack of work on studying the involvement of institutional investors in developing countries, whereby previous work and literature review were predominantly based upon the experience of Western economies.

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Mourao, Paulo, Marco António Pinheiro Silveira, and Rodrigo Santos de Melo. "Many Are Never Too Many: An Analysis of Crowdfunding Projects in Brazil." International Journal of Financial Studies 6, no. 4 (November 23, 2018): 95. http://dx.doi.org/10.3390/ijfs6040095.

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This paper analyzed the most important aspects for the success of crowdfunding projects observing the Kickante platform, an important crowdfunding Brazilian platform. We found that the total value per project increased with the number of investors. The value per investor raised with the minimum value invested with rewards and with certain types of promoters (like informal groups or new companies) or with startups.

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Fieberg, Christian, Armin Varmaz, and Thorsten Poddig. "Risk models vs characteristic models from an investor’s perspective." Journal of Risk Finance 20, no. 2 (March 18, 2019): 201–22. http://dx.doi.org/10.1108/jrf-10-2018-0163.

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Purpose The purpose of this paper is to analyze the implications of the risk versus characteristic debate from the perspective of a mean-variance investor. Design/methodology/approach Expected returns and the variance-covariance matrix are estimated based on various characteristic and risk models and evaluated for the purpose of mean-variance portfolios. Findings Return estimates from characteristic models are most informative to investors. Risk-factor models provide the most informative estimates of the risk. A mean-variance investor should rely on combinations of the two model types. Originality/value Although the risk vs characteristic debate is a binary academic debate, our findings from an investor's perspective suggest to make use of the best of both worlds.

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Park, Hyejin, Kee H. Chung, and In Joon Kim. "Is Informed Trading Different Across Investor Types?*." Asia-Pacific Journal of Financial Studies 49, no. 6 (December 2020): 839–59. http://dx.doi.org/10.1111/ajfs.12317.

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Tjandrasa, Benny Budiawan, and Jacqueline Mariae Tjandraningtyas. "The Effects of Personality Types and Demographic Factors on Overconfidence Bias and Decision Making of Investment Types." Petra International Journal of Business Studies 1, no. 2 (December 1, 2018): 57–62. http://dx.doi.org/10.9744/ijbs.1.2.57-62.

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In financial management theories an investor will act rationally and make a desicion to invest based on the rules in the financial management theory. Nevertheless, in reality the decision making to invest is very often irrational and not in accordance with the financial management theory. This deviation is caused by the bias of investors’ behaviour in making a decision. Investors who only focus on the return of an investment without paying attention to the risks are said to experience overconfidence bias. This research analyses the factors which are considered to influence investors with overconfidence bias in deciding the investment types. The factors are personality type, marital status, income level, work experience, and fields of study that have been taken. This research can contribute to completing the study of financial management, particularly in the investment decision and putting psychological factors in the analysis of financial management

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Abbaszadeh, Mohammad Reza, and Tahereh Mehrabankhou. "Identification and Analysis of Nonfinancial Measures That Affect Investment Decisions Using the Delphi Method." International Journal of Accounting and Financial Reporting 2, no. 2 (December 28, 2012): 238. http://dx.doi.org/10.5296/ijafr.v2i2.2858.

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Though advocates argue that nonfinancial information forms or should form an increasingly important part of investor decision-making, relatively little research has been done to analyze the nonfinancial information currently available or to determine how investors value specific types of nonfinancial information. This study has examined both the availability of specific types of nonfinancial data, as well as the extent to which retail and professional investorvalue nonfinancial information. We focused on nine types of information,each of which has received considerable attention from academics and advocates in recent years. We reviewed corporate disclosure practices of several companies across different industry sectors; we conducted surveys with academics that had Fields of accounting and economics and investment managers from public of Iran as professional investors. The goal of our research was to better assess both the supply and demand of nonfinancial reporting in the current investment climate. We believe that the results of this study offer academics, investors, corporations and regulators a clearer picture both of investor desires for nonfinancial information and the ways in which various forms of reporting are used. The results can inform choices about which regulatory approach might be best applied to nonfinancial reporting. They can also support corporate and investor efforts to supplement that regime with voluntary corporate reporting on specific nonfinancial information types.

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Verma, Rahul, Gökçe Soydemir, and Tzu-Man Huang. "Are smart beta funds really smart? Evidence from rational and quasi-rational investor sentiment data." Review of Behavioral Finance 12, no. 2 (August 12, 2019): 97–118. http://dx.doi.org/10.1108/rbf-08-2018-0084.

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Purpose The purpose of this paper is to examine the relative effects of rational and quasi-rational sentiments of individual and institutional investors on a set of smart beta fund returns. The magnitudes of the impacts of institutional investor sentiments are greater than those of individual investor sentiments. In addition, both rational and quasi-rational sentiments of individual and institutional investors have significant impacts on smart beta fund returns. The magnitudes of the impacts of quasi-rational sentiments are greater than those of the rational sentiments for both types of investors (quasi-rational sentiments of institutional investors have the maximum impact). These results are consistent with the arguments that professional investors consider the sentiments of individual investors as contrarian leading indicators which are mainly driven by noise while conform the sentiments of institutional investors which are driven by more rational factors. A majority of smart beta funds in the sample outperform the S&P500 returns in the short term but fail to consistently beat the market. The authors find evidence that smart beta funds with consistently high returns are relatively less (more) driven by individual (institutional) investor sentiments. Overall, the authors argue that smart beta funds appear to follow quasi-rational sentiments of both individual and institutional investors that are not rooted in economic fundamentals. Design/methodology/approach The results of the impulse functions generated from a multivariate model suggest that the smart beta fund returns are negatively (positively) impacted by individual (institutional) investor sentiments. Findings The magnitudes of the impacts of institutional investor sentiments are greater than those of individual investor sentiments. In addition, both rational and quasi-rational sentiments of individual and institutional investors have significant impacts on smart beta fund returns. The magnitudes of the impacts of quasi-rational sentiments are greater than those of the rational sentiments for both types of investors (quasi-rational sentiments of institutional investors have the maximum impact). Originality/value These results are consistent with the arguments that professional investors consider the sentiments of individual investors as contrarian leading indicators which are mainly driven by noise while conform the sentiments of institutional investors which are driven by more rational factors. A majority of smart beta funds in the sample outperform the S&P500 returns in the short term but fail to consistently beat the market. The authors find evidence that smart beta funds with consistently high returns are relatively less (more) driven by individual (institutional) investor sentiments. Overall, the authors argue that smart beta funds appear to follow quasi-rational sentiments of both individual and institutional investors that are not rooted in economic fundamentals.

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Bartholdy, Jan, and Kate Brown. "Testing for Multiple Types of Marginal Investor in Ex-Day Pricing." Multinational Finance Journal 8, no. 3/4 (December 1, 2004): 173–209. http://dx.doi.org/10.17578/8-3/4-2.

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Li, Zhuwei, Baolu Wang, Yuan Fu, Yongdong Shi, and Xuexin Su. "Different Types of Investor Reactions to Annual Reports." Emerging Markets Finance and Trade 56, no. 3 (September 20, 2018): 626–40. http://dx.doi.org/10.1080/1540496x.2018.1482744.

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Chen, Zhe, David Forsberg, and David R. Gallagher. "Which institutional investor types are the most informed?" Accounting & Finance 59, S1 (June 27, 2018): 449–80. http://dx.doi.org/10.1111/acfi.12378.

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Vakkur, Nicholas V., and Zulma J. Herrera. "Sarbanes Oxley's impact upon investor‐relevant risk types." Journal of Financial Regulation and Compliance 19, no. 3 (July 26, 2011): 254–70. http://dx.doi.org/10.1108/13581981111147883.

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Choi, Youngmin. "A Study on the ELW Market by Investor Types: Focused on DMA System." Journal of Derivatives and Quantitative Studies 22, no. 3 (August 31, 2014): 401–32. http://dx.doi.org/10.1108/jdqs-03-2014-b0002.

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This paper focuses on the controversy about DMA (direct market access) system that facilitates ELW (equity linked warrants) transaction. We analyze trading profit/loss and such features in accordance with the investor type by the combination of trading counts and trading amounts. Especially, our analysis centers on whether brokerages’ providing DMA system contributes to the market expansion and DMA system serves as a profit-making expedient for the investors whose trading amount is large or trading frequency is high. Based on our empirical examination utilizing total ELW trading data from 2009 to 2011, the following implications are obtained as a result: Firstly, the growth of the ELW market mainly comes from the increased transactions by the investors accessing via DMA and there is no evidence that providing DMA system itself adds to the revitalization of overall market. Secondly, our GMM results using dummy variables confirm us that providing DMA possibly plays a critical role in making profit for the investor of large trading amount or high trading frequency. Our results support the structural problem is embedded in ELW market and DMA system intensifies such unfair game.

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Butt, Mehtab Arshad, Haroon Shafi ., Kashif-Ur-Rehman ., Rana Rashid Rehman ., and Hafiz Muhammad Shoaib . "Investorâ€™s Dilemma: Fundamentals or Biasness in Investment Decision." Journal of Economics and Behavioral Studies 3, no. 2 (August 15, 2011): 122–27. http://dx.doi.org/10.22610/jebs.v3i2.262.

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In the present world Investment decision is most important phenomena. Investment is current sacrifice for future benefits, So while making investment decisions we have to keep different things in mind. Investment decisions are influenced not only by their fundamentals but also depend on different factors. One factor is the biasness of any investor to their investment, biasness depends on the cognition and emotions, because some investors use them as heuristic for the investment decision instead of fundamentals. Keeping this in view, this paper shows how cognitive biasness (i.e. Representativeness, Adjustment and Anchoring, Leniency) effects the investment decisions over the fundamentals. This study also show different types of investors which depicts significant relation of Representativeness, Adjustment and Anchoring, Leniency with investment decisions over fundamentals, and explain under which biasness an investor become more optimistic and moderate for investment decisions. While considering Representativeness biasness over fundamentals investor become more optimistic, In Adjustment and Anchoring biasness investor show moderate behavior about investment decision, and In Leniency biasness investor also take investment decision over optimistically.

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Volotkovska, Yuliya. "Selection of the Investor’s Type for the Project Utilization of a Man-Made Deposit Using Hierarchy Process Method." Advanced Engineering Forum 22 (May 2017): 166–72. http://dx.doi.org/10.4028/www.scientific.net/aef.22.166.

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Factors influencing the volumes of investments in spoil banks reclamation are considered. Using goal hierarchy, all possible types of investors are analyzed, as well as their goals when obtaining licenses for the development of man-made deposits. On the example of Lvov basin spoil banks, four types of investors are systematized and different priorities of goals are assessed, the environmental criterion always being the first priority. It is made to prevent environmental catastrophe while developing man-made deposits in the region. Using the matrix of pair comparison, it is proved that the state or community is the optimal investor in developing man-made deposits. Both foreign investor and the spoil-bank owner can be on the second place after the state depending on the priority of profitability or social problems of the area.

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Zhao, Ruwei, Xiong Xiong, Dehua Shen, and Wei Zhang. "Investor Structure and Stock Price Crash Risk in a Continuous Double Auction Market: An Agent-Based Perspective." International Journal of Information Technology & Decision Making 18, no. 02 (March 2019): 695–715. http://dx.doi.org/10.1142/s0219622019500081.

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Multiple studies presume the institutional investors to be informed investors. However, some reports argue that this view is still under debate. In this paper, to avoid the informed investors proxy bias caused by the institutional investors, we construct an agent-based continuous double auction stock market model with both informed and uninformed investors and examine whether stock price crash risk can be affected by the change of investor structure. In particular, we employ four types of investor structures by gradually increasing percentage adjustments of informed investors from 20%, 40%, 60% to 80% within the market. We find that stock clear price and return show significant improved stability coming with the rising weight of informed investors. Beyond that, we recognize the situation that stock clear price falls below 95% confidence interval as crash event and count the number of the stock price crash events within each simulation of each different investor structure. We find that consistent with growing stability of stock clear price and return, stock price crash event number drops dramatically following the higher proportion of informed investors. These findings confirm our hypothesis that the involvement of informed investors contributes to the market stability.

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Yun, Chang Hyeon, and Lee Seong Gu. "The Impact of Trading Volumes by Trader Types in the KOSPI200 Futures Market." Journal of Derivatives and Quantitative Studies 11, no. 2 (November 30, 2003): 1–26. http://dx.doi.org/10.1108/jdqs-02-2003-b0001.

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In this study we examine the relationships between trader-type-specific trading volumes and the price volatility of the KOSPI200 stock index futures over the period of July 1997 through December 2001. The principal findings of this study are that the changes in trading volumes by foreign investors are positively associated with the return and the volatility of the index futures market. When trading volumes are decomposed into expected and unexpected components, unexpected shocks have more persistent effect on the volatility of the market than expected component. Meanwhile, individuals and domestic commercial investor seem to follow the lead made by foreign investors.

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Levitas, Edward, and M. Ann McFadyen. "External funding and emergent technology inputs." International Journal of Research in Business and Social Science (2147- 4478) 9, no. 5 (September 17, 2020): 1–12. http://dx.doi.org/10.20525/ijrbs.v9i5.833.

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The research and development (R&D) process is critical to a firm’s competitive advantage and often requires external funding. Yet, we know little about how different types of investors respond to the cash needs of established R&D intensive firms nor about how external financial analysts influence those decisions. We address these gaps by examining how a firm’s patenting activity affects its ability to raise cash. We distinguish the motivations of two investor groups: open-market and alliance partners. We focus on how patents based on emergent technologies impact two types of investors and their willingness to fund the R&D process. We develop theory and test our hypotheses using data from publicly traded biopharmaceutical firms by drawing upon knowledge-based view, alliance, and investment theories. We find evidence that patents built upon emergent technologies are viewed differently by the two types of investors. We find open market investors were less likely to invest in emergent technologies and invested less when they did. Conversely, alliance partner investors would be more appreciative of the opportunities new technology inputs present, thus, more likely to invest in firms using emergent technologies and invest more.

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Ikizlerli, Deniz, Phil Holmes, and Keith Anderson. "The response of different investor types to macroeconomic news." Journal of Multinational Financial Management 50 (June 2019): 13–28. http://dx.doi.org/10.1016/j.mulfin.2019.02.005.

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Penning, Timothy. "The Value of Public Relations in Investor Relations: Individual Investors' Preferred Information Types, Qualities, and Sources." Journalism & Mass Communication Quarterly 88, no. 3 (September 2011): 615–31. http://dx.doi.org/10.1177/107769901108800309.

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Mattarocci, Gianluca, and Georgios Siligardos. "Investor attention for retail and institutional investors: a test on the real estate market." Journal of Property Investment & Finance 31, no. 4 (July 5, 2013): 314–28. http://dx.doi.org/10.1108/jpif-10-2012-0048.

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PurposeThe paper aims to investigate the relationship between different investor attention proxies for different types of funds (retail vs institutional ones) looking at a sample of real estate funds.Design/methodology/approachThe authors collect data about searching frequency on Google and all the news published in Italian specialized newspapers for a set of real estate funds. Following the approach proposed by Da, Engelberg and Gao, the authors construct a set of attention proxies and they compare the ranking with some summary statistics and evaluate the causality relationship among them using a Granger causality test.FindingsResults demonstrate that online search frequency is relevant for both institutional and retail funds and normally internet data are able to anticipate the news that will be published in the newspapers.Research limitations/implicationsThe analysis proposed is focused only on a small real estate market (Italy) where funds are specialized for the type of investor. A wider database can allow excluding that results achieved are biased by the specific features of the market analysed.Practical implicationsThe role of internet proxies attention measures also for institutional investors demonstrate that the managing companies offering financial instruments reserved to institutional investors should consider both channels of information – newspapers and the internet – to measure any positive or negative sign of investor attention to their products.Originality/valueThe article represents the first analysis of investor attention proxies on the real estate market and the first comparison of investor attention proxies for retail and institutional investors.

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Sangvinatsos, Antonios. "Strategic Asset Allocation: The Role of Corporate Bond Indices?" Quarterly Journal of Finance 01, no. 02 (June 2011): 355–422. http://dx.doi.org/10.1142/s2010139211000110.

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This paper studies dynamic asset allocations across stocks, Treasury bonds, and corporate bond indices. We employ a new model where liquidity plays an important role in forecasting excess returns. We document the significant utility benefits an investor gains by optimally including corporate bond indices in his portfolio. The benefits are bigger for lower-grade bonds. We also find that investment-grade indices are different from high-yield indices in that different risks are priced in these two asset classes. One important difference is that there exist positive "flight-to-liquidity" premia in investment-grade bonds, but we find no such premia in high-yield bonds. We calculate the portfolio behavior and the utility benefits for three types of investors, the "sophisticated", the "average" and the "lazy" investor. We provide practical portfolio advice on investing throughout the business cycle and we study how the total allocations and hedging demands vary with the business conditions. In addition, utilizing our model, we evaluate the significance of the liquidity variable information for the investor. We find that the liquidity information greatly enhances the investor's portfolio performance. Finally, further support in the optimality of the strategies is provided by calculating their in- and out-of-sample realized returns for the last decade.

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Adler, Sara, Joel I. Greenberg, William G. LeBas, and Ellen Fleishhacker. "US Securities and Exchange Commission (SEC) expands accredited investor definition." Journal of Investment Compliance 22, no. 1 (April 6, 2021): 29–33. http://dx.doi.org/10.1108/joic-09-2020-0029.

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Purpose To explain amendments to the definition of “accredited investor” approved by the SEC in August 2020 and to describe the impact of the changes. Design/methodology/approach Explains how the amendments expand the pool of qualified investors in various subsections of the definition, explains related amendments, and then discusses the implications of the changes. Findings The amendments, among other things: (i) permit natural persons to qualify as accredited investors based on certain professional credentials or, for investments in private funds, based on “knowledgeable employee” status”; (ii) add LLCs and other specified entity types to the list of potentially-qualifying entities, and add a “catch-all” category for unspecified entities (although with different quantitative standards); (iii) add the term “spousal equivalent” to the definition; and (iv) codify certain related staff interpretive positions. In addition, the amendments revise the definition of “qualified institutional buyer” to include additional entity types to avoid inconsistencies with the new accredited investor definition. Originality/value Expert analysis and guidance from experienced securities attorneys who counsel clients on all manner of SEC regulatory policy matters.

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Jukna, Tatjana. "Ieguldītāju aizsardzības mehānisma attīstības tendences: normatīvo aktu grozījumi 2017. un 2018. gadā." SOCRATES. Rīgas Stradiņa universitātes Juridiskās fakultātes elektroniskais juridisko zinātnisko rakstu žurnāls / SOCRATES. Rīga Stradiņš University Faculty of Law Electronic Scientific Journal of Law 2, no. 14 (2019): 9–22. http://dx.doi.org/10.25143/socr.14.2019.2.009-022.

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Ieguldītāju aizsardzības mehānisms ir diezgan jauns tiesību institūts, kura elementi ietverti vairākos Latvijas Republikas un Eiropas Savienības normatīvajos aktos. Ieguldītāju aizsardzības problemātikas aktualitāti veicina gan globalizācija, gan tehnoloģiju attīstība, kā arī jaunu finanšu instrumentu veidu rašanās. Ieguldītāju aizsardzības pasākumu attīstību Latvijas tiesiskajā regulējumā būtiski ietekmē Eiropas Savienības normatīvā regulējuma pārņemšana nacionālajā tiesību sistēmā. Šajā rakstā skartas personu kā ieguldītāju tiesības, kas cieši saistītas ar vērtspapīru kā patstāvīgu privāttiesiskas apgrozības priekšmetu, t. i., ieguldītāju aizsardzības pamatelementi aplūkoti ieguldījumu pakalpojumu kontekstā. Taču šeit netiek aplūkotas akcionāru, obligacionāru, ieguldījumu apliecību īpašnieku tiesības, kas izveidojas no īpašumtiesībām uz vērtspapīriem ar tieši vērtspapīrā nostiprinātajām tiesībām (piemēram, ar izpirkuma tiesībām, balsstiesībām, tiesībām uz informāciju u. c.). Mechanism of the investor protection is a quite new law institute. The elements of the investor protection mechanism could be found in various legal acts both at the state level of the Republic of Latvia and at the level of the EU. Globalisation, technical developments and arising of new types of financial instruments encourage actualisation of investor protection problematics. The development of the measures related to the investor protection are influenced by the transportation of the EU legal acts into national law systems. The article is devoted to the rights of investors as elements of investor protection mechanisms in the aspect of providing of investment services to the investors.

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Ubilava, Ana. "Amicable Settlements in Investor-State Disputes: Empirical Analysis of Patterns and Perceived Problems." Journal of World Investment & Trade 21, no. 4 (August 10, 2020): 528–57. http://dx.doi.org/10.1163/22119000-12340183.

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Abstract This article empirically analyses investor-State arbitration cases that settle amicably after the arbitration has commenced but before the final award is rendered. The study investigates whether, and to what extent, some common criticisms of amicable settlements are evident in practice. It examines four questions that correspond to the major critiques of amicable settlements in investor-State dispute resolution: (1) Are certain types of investor-State disputes unsuitable to be settled amicably? (2) Do amicable settlements impede transparency? (3) Do amicable settlements pay less compared to when investors win? (4) Is the non-enforceability of settlement agreements a problem in practice? The findings suggest that in practice, not all of these purported problematic aspects of dispute resolution mechanisms that result in amicable settlements are as evident as is commonly believed.

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Jo, Eun hye, and Haewon Moon. "Misvaluation, Trading Behavior of Investor Types and Financial Statement Comparability." Korean Accounting Review 44, no. 4 (August 30, 2019): 75–128. http://dx.doi.org/10.24056/kar.2019.06.002.

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Setyowati, Henny, Abdul Hoyyi, and Di Asih I. Maruddani. "PEMBENTUKAN PORTOFOLIO OPTIMAL DENGAN METODE RESAMPLED EFFICIENT FRONTIER UNTUK PERHITUNGAN VALUE AT RISK DILENGKAPI APLIKASI GUI MATLAB." Jurnal Gaussian 8, no. 1 (February 28, 2019): 127–38. http://dx.doi.org/10.14710/j.gauss.v8i1.26627.

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The purpose of investors in investing is to get a return, but investors also have to bear the risks that might exist. There are 3 types of investors in investment based on their preference for risk, namely risk aversion (risk averter), moderate risk takers (risk moderate), and high risk takers (risk takers). To obtain an optimal portfolio for each type of investor, the Resampled Efficient Frontier Method is used with Monte Carlo Simulation as much as 700 times, to obtain more parameter estimates. The results of the Resampled Efficient Frontier from Efficient Frontier will take 51 efficient points to determine the optimal portfolio for each type of investor. The efficient point taken is the 1st, 26th and 51st efficient points for the investor risk averter type, risk moderate, and risk taker. To determine the estimated loss in investment, the VaR value is calculated based on the monthly return data of BBNI, UNTR, INKP, and KLBF shares for the period February 2013 to March 2017, with a capital allocation of Rp 100,000,000.00, a holding period of 20 days, and a level of trust of 95%. The Matlab GUI is used to facilitate users in processing data.Keywords: Efficient Frontier, Monte-Carlo Simulation, Normal Distribution, VaR, Matlab GUI

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Yoo, Shiyong. "Volatility and Trading Volumes of Trader Types in KOSPI200 Index, Futures, and Options Markets." Journal of Derivatives and Quantitative Studies 22, no. 1 (February 28, 2014): 91–115. http://dx.doi.org/10.1108/jdqs-01-2014-b0005.

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In this study, we explore the empirical relationship between trading volume and volatility among KOSPI200 index stock market, futures and options markets. In particular, in explaining the volatility of each market, the trading in other markets, as well as the trading volume of other markets, also served as explanatory variables. In other words, cross-market effects of trading volume by investor types are analyzed. The empirical results show that there exist the cross-market effects of the relationship between trading volume and volatility in deeply integrated financial markets such as KOSPI200 index stock, futures and options markets. That is, the volatility of one market is explained by the trading volume of trader types in other financial markets. And, overall options trading increases the volatility of each market, while the overall futures trading volume of foreign investors reduce the volatility of each market. Trading volume of Individual investors does not reduce the volatilities of KOSPI200 index and futures markets. That is, trading volume of Individual investors in stock, futures, and options markets increase the volatilities of stock and futures. This implies that foreign investors are informed traders, whereas individual investors are liquidity traders.

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Walters, Daniel J., and Philip M. Fernbach. "Investor memory of past performance is positively biased and predicts overconfidence." Proceedings of the National Academy of Sciences 118, no. 36 (September 2, 2021): e2026680118. http://dx.doi.org/10.1073/pnas.2026680118.

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We document a memory-based mechanism associated with investor overconfidence. In Studies 1 and 2, investors were asked to recall their most important trades in the recent past and then reported investing confidence and trading frequency. After the study, they looked up and reported the actual returns of these trades. In both studies, investors were biased to recall returns as higher than achieved, and larger memory biases were associated with greater overconfidence and trading frequency. The design of Study 2 allowed us to separately investigate the effects of two types of memory biases: distortion and selective forgetting. Both types of bias were present and were independently associated with overconfidence and trading frequency. Study 3 was an incentive-compatible experiment in which overconfidence and trading frequency were reduced when participants looked up previous consequential trades compared to when they reported them from memory.

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Arum Sari, Raisya, and Hilda Rossieta. "SUSTAINABILITY REPORT, OWNERSHIP TYPES, AND COST OF CAPITAL: EVIDENCE ON INVESTORS’ REACTION OF INDONESIAN LISTED COMPANIES." Humanities & Social Sciences Reviews 7, no. 6 (January 14, 2020): 1246–55. http://dx.doi.org/10.18510/hssr.2019.76177.

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Purpose: This research aims to examine investors’ reactions to the Sustainability Report (SR) and the moderating effect of ownership types associated with stakeholders’ interdependence theory. Methodology: This research uses purposive sampling method to choose the samples. The population of the samples is Indonesian listed companies that disclose sustainability reports from 2014 to 2016. This research uses secondary data using several data sources, such as the annual report, financial report, sustainability report, data stream database, and another secondary source. Results: In general, empirical evidence indicate that investors appreciate sound SR performance by the tendency to give a discount on their investment; hence, they charge low Cost of Capital. Also, types of ownership do have a moderating effect on investors’ reaction, suggesting the existence of interdependent among stakeholders group. Implications: This research captures investors' reactions by looking at the Cost of the Capital bear by the company as a proxy for investor reaction on the perceived risk associated with the sustainability issues. Moreover, this research converts the Cost of Capital as a continuous variable into a categorical variable of high and low.

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Kim, Keunsoo. "Analysis of Relationship between Price Momentum and Investor Types’ Trade Imbalance." Journal of Money & Finance 32, no. 4 (December 31, 2018): 37–74. http://dx.doi.org/10.21023/jmf.32.4.2.

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박지현 and Yangmin Kim. "A split decision: Institutional investor types and research and development investment." Journal of Strategic Management 15, no. 3 (December 2012): 19–42. http://dx.doi.org/10.17786/jsm.2012.15.3.002.

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Lim, Dong-Chul, June-Hee Na, and Seong Yong Park. "Differences in Perception of Firm's IR: The Effects of Investor Types." Journal of Product Research 26, no. 3 (September 2008): 111–20. http://dx.doi.org/10.36345/kacst.2008.26.3.010.

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Olsson, Ola. "Backer behaviours: an explorative study of investor types in equity crowdfunding." International Journal of Entrepreneurship and Small Business 42, no. 1/2 (2021): 156. http://dx.doi.org/10.1504/ijesb.2021.10034370.

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Olsson, Ola. "Backer behaviours: an explorative study of investor types in equity crowdfunding." International Journal of Entrepreneurship and Small Business 42, no. 1/2 (2021): 156. http://dx.doi.org/10.1504/ijesb.2021.112266.

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Ford, Deborah, Hung-Gay Fung, and Daniel Gerlowski. "Factors Affecting Foreign Investor Choice in Types of U.S. Real Estate." Journal of Real Estate Research 16, no. 1 (January 1, 1998): 99–112. http://dx.doi.org/10.1080/10835547.1998.12090940.

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Sitinjak, Elizabeth Lucky Maretha, Kristiana Haryanti, Widuri Kurniasari, and Yohanes Wisnu Djati Sasmito. "Investor behavior based on personality and company life cycle." HOLISTICA – Journal of Business and Public Administration 10, no. 2 (August 1, 2019): 23–38. http://dx.doi.org/10.2478/hjbpa-2019-0013.

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Abstract This study aims to ensure that the behavior of individual stock investors has the best pattern in accordance with the existing personality, and see the business cycle starting from introduction, growth, maturity, decline in LQ-45 from the proxy of operational cash flows, investment cash flows, and funding cash flows. This study uses the Analytical Hierarchy Process (AHP) method to see what behavior tends to be used in carrying out shareholding transactions. The results of this study create a behavior model of individual stock investors. Individual stock investors in Indonesia tend to have precision personality types in making stock transaction decisions. This type is a dominant combination, stability, and compliance. The model of individual stock investor behavior starts from making a price target; has a relationship between investors to exchange information related to shares monitored; valuation of shares to be transacted. In addition, the behavior of individual stock investors tends to have accounting information and corporate environmental concerns. Behavioral model Individual stock investors who already have two years or more experience in stock transactions, will have a unique pattern of technical analysis and their own fundamental analysis.

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Lin, Hung-Wen, Kun-Ben Lin, Jing-Bo Huang, and Xia-Ping Cao. "An Anecdote of Investor Anxiety and Momentum in China." Complexity 2020 (April 25, 2020): 1–21. http://dx.doi.org/10.1155/2020/6564731.

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We show the effect of investor anxiety on momentum in the Chinese stock market. In this market dominated by retail investors, we examine the momentum profits in 900 types of daily testing periods. We find prevalent price reversals in the long formation and holding periods in the Chinese A-share market. Compared to Goyal and Wahal (2015), Wang and Xie (2010), and Kang et al. (2002) who found no momentum, our novel finding from a daily basis is that the A-share market presents price momentum within the short formation and holding periods. We first test the momentum profits under different strengths of anxiety in the A-share market. The stocks held by the least anxious investors elicit the strongest price momentum, whereas the stocks held by the most anxious investors encounter much weaker price momentum in the A-share market. According to our empirical outcomes, the A-share market overall exhibits higher anxiety and weaker momentum, whereas the B-share market embodies milder anxiety and stronger momentum. From the results of single market and cross-market comparisons, the intrinsic anxiety of retail investors is an essential factor stimulating the Chinese stock market to be prone to price reversals.

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Lim, Kian-Ping, Tze-Chung Thian, and Chee-Wooi Hooy. "Investor heterogeneity, trading account types and competing liquidity channels for Malaysian stocks." Research in International Business and Finance 41 (October 2017): 220–34. http://dx.doi.org/10.1016/j.ribaf.2017.04.019.

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Linnerud, Kristin, and Erling Holden. "Investment barriers under a renewable-electricity support scheme: Differences across investor types." Energy 87 (July 2015): 699–709. http://dx.doi.org/10.1016/j.energy.2015.05.048.

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Lam, Joanna, and Rui Guo. "Investor Obligations in Special Economic Zones: Legal Status, Typology, and Functional Analysis." Journal of International Economic Law 24, no. 2 (April 16, 2021): 321–40. http://dx.doi.org/10.1093/jiel/jgab011.

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ABSTRACT The article discusses various types of investor obligations in special economic zones and examines how they are utilized as instruments for devising development policies. It presents the evolution of regulatory models and practices related to investor obligations in the context of the unilateral character of the legal framework of the zones. The article distinguishes between two types of investor obligations. The first includes commitments focused on quantifiable aspects of economic performance of the investor in the host country, such as the maintenance of a pre-determined level of investment or the creation of a specific number of jobs. The second category of investor obligations is those containing qualitative goals that contribute to the host country’s developmental objectives, such as workforce welfare commitments, environmental standards, and technology transfers. Case studies of Shenzhen, Poland, and Tanzania are analysed to demonstrate how relevant regulatory practices have evolved over time. The case studies are drawn from three different phases of the global proliferation of special economic zones and reflect the regional diversity of the zones.

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Broderick, James L., and Matthew L. Giles. "Strategies for addressing investor liquidity concerns and funding capital needs in real estate funds." Journal of Investment Compliance 21, no. 4 (December 7, 2020): 193–202. http://dx.doi.org/10.1108/joic-10-2020-0034.

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Purpose To discuss issues that real estate fund sponsors may encounter due to investor liquidity constraints amidst the COVID-19 pandemic (such as investors seeking redemptions or transfers) and to provide guidance on potential ways that fund sponsors can prepare for, and respond to, such inquiries while at the same time addressing their fund’s liquidity needs (such as by utilizing subscription-secured credit facilities). Design/methodology/approach The article identifies the types of requests that investors may make to address their internal liquidity constraints, discusses contractual, legal, regulatory and business issues that fund sponsors should consider in responding to such requests and provides some alternatives for fund sponsors to consider allowing them to be responsive to investor liquidity concerns while also addressing fund capital needs. Findings The article finds that there are specific actions which fund sponsors should take in anticipating, and responding to, investor liquidity requests, such as reviewing partnership documents and credit facility documents and considering consequences in respect of ERISA, tax and compliance with applicable securities laws. The article also finds that specific affirmative actions by fund sponsors, such as increased borrowings under credit facilities, making distributions that are recallable and favoring transfers over withdrawals or redemptions may assist fund sponsors in preserving capital while addressing investor liquidity requests. Practical implications Fund sponsors should carefully review their fund documentation and determine their options and requirements as they pertain to potential liquidity requests. Fund sponsors should be careful to avoid foot-faults under their fund documents and credit facility agreements. Originality/value Practical guidance from experienced fund formation, securities law, tax, ERISA and finance lawyers.

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Cheung, Ka Shing, and Joshua Lee. "The effect of sentiment on commercial real estate returns: investor and occupier perspectives." Journal of Property Investment & Finance 39, no. 6 (January 15, 2021): 561–89. http://dx.doi.org/10.1108/jpif-01-2020-0010.

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PurposeReal estate is an asset that is traded in highly segmented, illiquid and informationally inefficient local markets. A short sale in real estate is almost infeasible and therefore impedes informed rational arbitrageurs to trade against mispricing. Thus, real estate returns are prone to sentiment-driven behaviours. Will the impacts on asset returns be identical for different types of sentiment?Design/methodology/approachThis study argues that not all sentiment effects are created equal. Using the bounds test of the autoregressive distributed lag (ARDL) models, this paper examines how occupier sentiment versus investor sentiment contributes to the short-run and long-run dynamics of commercial real estate returns in Australia.FindingsThe empirical evidence suggests that investor sentiment and occupier sentiment influence return asymmetrically after macroeconomic conditions are controlled for.Practical implicationsThe sectoral analysis further reveals that sector-specific sentiment plays a significant role in explaining commercial real estate returns. Furthermore, notable improvement is found in producing more accurate prediction in returns, given that measures of occupier and investor sentiment are appropriately specified in the forecast.Originality/valueThis study is novel in the sense that it acknowledges the impacts of occupiers' and investors' sentiment may be fundamentally different. The unique innovation and contribution of this study to behavioural finance literature are based on a new dataset from the Royal Institute of Chartered Surveyors which includes a survey-based measure of investor sentiment and occupier sentiment.

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Ma, Le, Richard Reed, and Jian Liang. "Separating owner-occupier and investor demands for housing in the Australian states." Journal of Property Investment & Finance 37, no. 2 (March 4, 2019): 215–32. http://dx.doi.org/10.1108/jpif-07-2018-0045.

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PurposeThere has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. The purpose of this paper is to examine the long-run relationship between house prices, housing supply and demand, and to estimate the effects of the two types of demand (i.e. owner-occupier and investor) on house prices.Design/methodology/approachThe econometric techniques for cointegration with vector error correction models are used to specify the proposed models, where the housing markets in the Australian states and territories illustrate the models.FindingsThe results highlight the regional long-run equilibrium and associated patterns in house prices, the level of new housing supply, owner-occupier demand for housing and investor demand for housing. Different types of markets were identified.Practical implicationsThe findings suggest that policies that depress the investment demand can effectively prevent the housing bubble from further building up in the Australian states. The empirical findings shed light in the strategy of maintaining levels of housing affordability in regions where owner-occupiers have been priced out of the housing market.Originality/valueThere has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. This research has given to the relationship between supply and dual demand, which includes owner-occupation and investment, for housing and the influence on house prices.

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Santos, Tais Mara dos, Michele Cristina Valentino, Douglas Azevedo, and Danilo Peixoto Bellucci. "Um sistema baseado em regras fuzzy para caracterizar o perfil de um investidor." Ciência e Natura 41 (July 16, 2019): 18. http://dx.doi.org/10.5902/2179460x32880.

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In this work is proposed a fuzzy rule-based system in order to classify the profile of an investor. For this purpose, it is used the plataform GUIDE from MATLAB to build an interactive graphic interface, where the investor answers five questions (which are based on the ANBIMA model) which deal with his/her finances. Once the system has these answers, it presents as output one of the following classifications: conservative investor, moderate investor or bold investor. The system also indicates a suggestion of potentials types of investments that suits better based on the output provided by the system. The results are compared to the ones obtained by the AIP from the Banco Paulista.

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Journal articles on the topic 'Investor types'

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