Classes Of Investors Research Articles

Capital flight and domination by diffuse collectives

When progressive governments attempt to redistribute wealth, nationalize major industries, or empower unions, they are often faced with the threat of capital flight. Some republican theorists have suggested that this phenomenon might be a source of domination. However, the prominent neo-republican account of domination presented by Philip Pettit cannot justify this claim, since the class of investors is not usually an agent. In this article, I present a novel theory of domination by diffuse collectives that can justify the intuition that the threat of capital flight is a source of domination.

The power of oversight: institutional investors as moderators of the earnings quality-information asymmetry nexus in Europe

Purpose While there is some evidence of a relationship between earnings quality and information asymmetry, there is limited evidence on the moderating role of institutional investors in this relationship. To fill this gap, this study aims to examine how institutional ownership affects the relationship between earnings quality and information asymmetry, with a focus on the impact of different investment horizons. Design/methodology/approach This study uses a sample of listed European firms from 2000 to 2022. Earnings quality is measured using the McNichols (2002) modification of the Dechow and Dichev (2002) model. The analysis examines the moderating effect of institutional ownership on the relationship between earnings quality and information asymmetry. Findings This study finds that the relationship between earnings quality and information asymmetry is more pronounced in firms with a higher percentage of institutional ownership. This study finds that the monitoring role of long-term institutional investors is more effective than that of short-term institutional investors. This study also finds that the influence of institutional investors is more significant in firms with incentives to engage in earnings management. Practical implications The findings provide evidence suggesting that institutional investors are an important class of investors in terms of exercising an effective monitoring role to mitigate information asymmetry and demand higher earnings quality from their investee firms. These findings are informative for many financial reporting participants, including investors, analysts, regulators and managers. Originality/value This study extends the existing research examining the relationship between earnings quality and information asymmetry (e.g. Affleck-Graves et al., 2002; Ascioglu et al., 2012; Bhattacharya et al., 2013; Jayaraman, 2008; Liu and Elayan, 2015) by examining the moderating effect of institutional ownership on this relationship. It further contributes to the literature by distinguishing between long- and short-term institutional investors and their respective monitoring roles. In addition, this study broadens the geographical scope of the research by using cross-country data from European firms, providing evidence that country-specific factors do not uniformly affect the relationship between earnings quality and information asymmetry.

The Effect of Technology on Real Estate

Numerous businesses and models have been profoundly disrupted by technological advancements, and the pace of these disruptions is accelerating exponentially. The real estate industry, particularly in Africa, is no exception. This sector has witnessed substantial growth in recent years, with technology playing a pivotal role in its transformation. Technological innovations have revolutionised the methods by which properties are bought, sold, rented, and managed, thereby enhancing efficiency and cost-effectiveness across the board. In rapidly developing African countries, real estate constitutes a significant component of investment portfolios, underscoring its importance and impact on the economic landscape. The real estate sector has traditionally been perceived as a stable investment class, seemingly resistant to the rapid adoption of new technologies. However, since the COVID-19 pandemic, the rate of technological adoption has significantly increased, with more individuals flocking to the Internet daily for the added comfort and convenience it provides. This surge has inspired a growing number of companies to aspire to become the next major industry disruptors. The confluence of advanced technologies and the pandemic-induced push towards digital solutions has fostered an increased willingness to develop and embrace emerging real estate technologies, fundamentally altering the landscape of the industry.

Tax Reforms and the Decline of the London Stock Market: The Untold Story

234 Various reasons have been put forward for the declining global relevance of the London equity market. Reform proposals and changes already implemented target some of the major problems identified as reasons for the stock market’s decline. Surprisingly, tax related explanations for the current state of the UK stock market are largely absent from the discourse. This paper argues that the preferential tax treatment of the dividend income of UK pension funds and insurance companies introduced in the early 1970s and repealed in the mid 1990s first contributed to the UK stock market’s growth by implicitly subsidising financing via equity and encouraging the flow of the funds of these investors into the market, and subsequently led to the market’s decline as a result of the outflow of the funds of the two major classes of institutional investors: UK pension funds and insurance companies. The key implication of this argument is that omitting tax as a major factor in the decline of the UK stock market risks ending up with reforms that can, at best, do little to change the current situation.

The Legal Force Of The Deed Of Sale And Purchase Of Land On Congenital Property Between Husband And Wife

Land sale and purchase is an important transaction carried out to obtain rights to land. Land is one of the most valuable assets and has the potential to generate profits in the future. Land is becoming increasingly valuable because land is increasingly scarce, over time and the increasing human population, land prices continue to increase. This makes the business of buying and selling land an investment class that is definitely promising for everyone, ranging from housing, business premises, agriculture, to investment. Therefore, the process of buying and selling land and similar actions must be carried out carefully and in accordance with applicable legal provisions. However, many people do not understand the importance of the procedures for transferring land rights in Indonesia regulated in various laws and regulations. As happened in the journal to be discussed, where there was a sale and purchase between husband and wife that had been made AJB before the Temporary Land Maker Official. Where this agreement violates the objective requirements according to the Civil Code, resulting in the agreement being “null and void”. In this method we use a normative juridical method which is a library law research with an approach that is carried out using reviewing the main legal material focusing on analyzing regulations, doctrines, and legal principles related to the transfer of land rights.

Sustainable investing in times of crisis: Evidence from bond holdings and the COVID-19 pandemic

We examine the resilience of green bonds to the COVID-19 shock through the lens of institutional investors’ holdings. We show that the green label has a positive impact on bond holdings both in normal times and during the COVID crisis. Moreover, during the pandemic outbreak, green bonds experienced lower net sales, on average, than equivalent conventional bonds, while no significant differences emerge in normal times. The results hold across different investor classes, including mutual funds exposed to large outflows, and are not driven by issuers’ fundamentals. We also document that the ownership of green fixed income securities is more concentrated than that of comparable conventional bonds, and that concentration has increased in the first quarter of 2020.

Definition and Key Attributes of Impact Investments as an Object of Management

Since the introduction of the term “impact investments” into active use in 2007, the debate about their content and distinctive characteristics in comparison with other classes of investments remain open. To date, there are many different, and in some cases incompatible, points of view in interpreting their definition. This complicates the effective management of impact investments and hinders the pace of industry scaling. The purpose of the paper is to analyze and systematize theoretical and practical approaches to defining the concept of impact investments, as well as to identify their inherent demarcation features that determine the management features and peculiarities. The research methodology includes the analysis of publications in peer-reviewed scientific journals, comparison of the content of reports and reports of international organizations and institutions, as well as quantitative and qualitative content analysis of media materials relevant to this topic. The results obtained indicate the validity of accepting impact investments as an independent conceptual category and the expediency of their allocation and separation into an independent class of investments; their key attributes are established; the principles and features of the management approach applied to them are revealed. The paper has practical significance for actors and participants of the investment sphere as well as researchers and practitioners interested in innovative approaches to investing in social and environmental well-being.

Risk Perception-Perceived Investor Performance Nexus: Evaluating the Mediating Effects of Heuristics and Prospects With Gender as a Moderator

As the financial condition of most individuals has taken the toll during the COVID-19 pandemic, this study aims to analyze varied risk perceptions owing to dynamic behavioral aspects ingrained in individuals. The study primarily incorporates the impact of COVID-19 induced risk perceptions on psychological bias and its aftermath on perceived investment performance, with gender differences being moderators in the aforesaid relationship. A mix of probability and non-probability sampling has been used to collect data from 1,133 respondents through a structured questionnaire. The partial least square structured equation modeling (PLS-SEM) has been employed as an estimation technique. The findings highlight that risk perception has been significant in affecting the heuristics and prospects. However, it is insignificant in directly impacting the perceived investment performance. However, psychological biases, proxied by heuristics and prospects, were found to mediate the relationship between risk perception and perceived investment performance. Practical implications suggest a judicious combination of risk, return, and behavioral portfolio to stimulate, and upscale investments thereby enhancing the investment momentum to reach pre-covid levels. At the same time, the relevance for society lies in the fact that they need to re-consider their investment portfolio to adjust for uncertainties like COVID-19. Future studies can embark on cross country research to investigate varied risk perception-investment performance relationships prevalent in respective economic settings. Also, studies can explore the variation in findings with respect to different classes of investors that is, experiences, first timers, institutional, influencers and others.

Bitcoin as a Distinct Asset Class for Hedging and Portfolio Diversification: A DCC-GARCH Model Analysis

Purpose: Bitcoin, the most popular form of virtual currency, currently holds the highest market capitalization among cryptocurrencies and serves as a benchmark for the typical cryptocurrency. The main goal of this research is to evaluate Bitcoin’s potential as a distinct asset class. This will be achieved by building upon previous studies and investigating its utility as both a hedging instrument and a tool for portfolio diversification. Methodology: In this study, Bitcoin is compared with other asset classes, such as key stock indices of India’s Nifty-50 and Sensex, and key currency pairs with the Indian Rupee, including the US dollar ($), Euro (€), Pound sterling (£), and Japanese Yen (¥). Gold, as one of the most precise commodities, is analyzed using descriptive statistics to verify and confirm its properties as a distinct asset class. Additionally, the study employs the DCC-GARCH model to ascertain whether Bitcoin qualifies as both a hedging instrument and a tool for portfolio diversification. Findings: The findings of this study indicate that Bitcoins constitute a unique and separate category within alternative assets and investment classes. Various descriptive statistics confirm that Bitcoins exhibit characteristics of an asset class. Additionally, the study reveals and verifies the hedging and portfolio diversification capabilities of Bitcoin based on the results of the DCC-GARCH model. Practical Implications: The findings of this study will prove useful for investors considering cryptocurrency (Bitcoin) as an alternative asset class for diversifying their portfolios and hedging against volatility. Originality/Value: This study contributes to the research paradigm of Bitcoin finance by providing a perspective from a developing nation on Bitcoin as an asset class, which differs from other asset classes such as Nifty-50, Sensex, USD–INR, EUR–INR, GBP–INR, JPY–INR, and gold. While previous research has predominantly focused on developed nation contexts, this study underscores the importance of examining Bitcoin’s role in portfolio diversification and hedging strategies. To enhance our understanding, this research presents daily observations of recent economic data spanning from 2011 to 2021. Assessing whether Bitcoin qualifies as an alternative investment and a distinct asset class is crucial, as it could significantly influence investment decisions and serve as a valuable tool for risk management and diversification purposes for investors.

An Analytical Study on Investment Awareness and Pattern of Different Class of Investors

In Today’s era, Individuals are earning a lot with the help of Investment or Passive income rather than active income. People start searching new ways of income generation because of increased expenses and inflation. Investment helps in achieving income, additional growth and creates value. The return and risk are totally dependent on chosen avenue of Investment. This research measures and analyze the awareness of respondents regarding different investment avenues in relation with the occupation of the respondents. For the fulfilment of the objectives of the study, data were collected from 100 respondents of Haryana, who have diverse demographic and socio-economic profile. The findings of the study revealed that there is no significant difference between awareness of respondents regarding different investment options and the occupation of the respondents except Recurring deposit, KVP, Derivatives, FOREX Trading and PPF. The results also found that investors of same income level donot have same knowledge of the investment but the investors lie in same age group generally have same knowledge about investment. The investors of same occupation donot have same knowledge of the investment but investors who comes under same category of annual income usually invest same percentage of their income. This study further concluded that different investors have diverse knowledge and time horizon of investment according to their income level, age, gender and occupation.

How congruent sentiment indices are to real investor beliefs?

ABSTRACT We use survey data to investigate the relationship between widely used sentiment indices and real investor beliefs. We find a strikingly low congruency between sentiment indices and investor expectations of future stock returns. More importantly, the sentiment indices are found to have poor abilities to capture investor overoptimism, attenuating the nexus between sentiment indices and mispricing which was employed extensively by previous literature. By cautiously examining the relations between sentiment indices (survey expectations) and model-based expected returns, we are keenly aware that sentiment indices and survey expectations probably correspond to distinct classes of sentimental investors.

Decrypting the specifics of professional football club investments: Why? What? How? An integrative review

PurposeSince the beginning of the 2000s, investors have more frequently invested into professional football clubs, thereby radically changing the industry landscape. This review's purpose is to analyze and synthesize the state of research to understand motives, roles and implications of football club investors, and to provide recommendations for further research.Design/methodology/approachThe paper presents an integrative literature review by identifying relevant English articles based on the search terms investor, owner, investment, ownership, shareholder and stakeholder in combination with soccer or football. Around 2,431 articles were reviewed. A total of 129 relevant articles was analyzed and synthesized within eight subject areas.FindingsInvestors in professional club football is a young research stream with a clear European focus. Investor motives and roles are diverse and implications are multidimensional. Investors mostly aim for indirect returns rather than pure profit- or win-maximization.Research limitations/implicationsFootball clubs comprise an own investment class for which the identified, unique specifics must be considered to develop a financially successful investment model. Thorough academic research of investors' inherent characteristics, investor-club pairings and the pillars of long-term strategies for successful investor-club liaisons are avenues of future research. Furthermore, the results illustrate the need for research outside of Europe.Originality/valueThe paper is the first systematic, integrative review of existing literature in the domain of equity investments into professional club football. The findings genuinely show that, depending on the investor type and ownership structure, investors have a wide impact in professional club football.

Art Collectors as Angel Investors: A Brazilian Collection

The literature on measuring returns on art investments typically aims to understand the characteristics of art as an investment class and whether investing in art can yield good returns for an investor and their portfolio. This literature places less emphasis on how the risk taken in the creation of art is assumed and borne by the agents who compose this market. Inspired by the publication “Art Collectors as Angel Investors” (2023) by Whitaker and Kräussl, this study examines a real collection of a Brazilian collector to verify whether the investment strategy employed in the purchase and sale of the works in the collection aligns with the definition of an angel investor presented in the reference article.

Determinants of Return in the Art Market: Evaluating Art as an Alternative Investment Class

The art market is concerned with the buying and selling of art. The price of art, unlike most other goods, is not set i.e. the price of art is dictated by a plethora of factors with individuals assigning varying values to a piece. Over the last few years, art has grown in popularity as an investment choice. This research paper aims to analyse the art market and further evaluate the unique characteristics of art, such as its low correlation, exclusivity and cultural richness, that make it different to other investment choices. The paper also extensively evaluates the determinants of returns on art investments. The aforementioned is supported by relevant theories and findings from existing literature.

External governance mechanisms and capital structure: A cross-country analysis

This paper seeks to examine how external governance mechanisms related to shareholder protection and creditor rights affect the choice of corporate leverage. The main objective of the study is to examine the relationship between country-level investor protection and the choice of capital structure at the firm level. The sample includes 7490 companies from 40 countries. Data were collected from all publicly listed companies between the years 2013 and 2022, listed in the Van Dijk ORBIS Bureau, based on the fiscal year 2022. This paper opts for the panel data methodology. The results suggest that companies leverage themselves consistently with the Pecking Order Theory. It was observed that the mechanisms associated with the protection of both classes of investors (i.e., shareholders and creditors) significantly influence the capital structure of the companies. The results were robust to several variations in the model studied and indicate that greater investor protection makes firms less likely to use third-party capital. The opposition of insiders (executives and majority shareholders) to debt’s moderating role at their managerial discretion may be the driving force behind this. The differential of the study lies in the distinction between the mechanisms that affect the protection of minority shareholders and those that affect the rights of creditors.

Can the EU taxonomy for sustainable activities help upscale investments into urban nature-based solutions?

We analyze the potential of the European Union (EU) Taxonomy (ET) for Sustainable Activities to mobilize investments for the sustainability transition toward urban nature-based solutions (UNBS). We map the current investment landscape of UNBS in Europe and combine this mapping with document analysis of UNBS inclusion in the ET to understand how the ET might help overcome the well-documented barriers to UNBS finance. We suggest that the ET has a legitimizing effect on UNBS as climate investments, which can support their uptake, but also conclude that only some UNBS subtypes are explicitly included when they fit with existing investment classes. In particular, the ET (1) disregards innovative - and specifically urban - UNBS types and (2) fails to provide incentives for investments that can deliver multiple sustainable objectives, which would enhance the investment case for UNBS. Since the current investment landscape of UNBS is characterized by a strong presence of public actors and a high incidence of co-financing, we recommend that public actors leverage the ET to obtain private funding for UNBS via (green) bond issuance and public-private co-finance instruments. Our analysis indicates that the ability of the ET to upscale investments for specific sustainability transitions depends on the interplay among their current investment landscapes, specific financing barriers, and explicit inclusion in the ET.

Sustainable investments: a scientometric review and research agenda

PurposeSustainable investments (SI) represent a promising class of investments, combining financial returns with mitigating environmental challenges, achieving SDG goals and creating a positive business impact. An enhanced global focus on climate change developments in the backdrop of COP26 and COP27, raised the need for comprehensive literature mapping, to understand the emerging themes and future research arenas in this field.Design/methodology/approachThe authors apply a quali–quantitative approach of bibliometric methods coupled with content analysis, to review 1,022 articles obtained from the Web of Science (WoS) database for 1991–2023.FindingsThe results identify the leading authors and their collaborations, impactful journals and pioneering articles in sustainable investment literature. The authors also indicate seven major themes of SI to be financial performance; fiduciary duty; CSR; construction of ESG-based portfolios; sustainability assessment tools and mechanisms; investor behavior; and impact investing. Further, content analysis of literature from 2020 to 2023 highlights emerging research issues to be SDG financing via green bonds and social impact bonds; investor impact creation via shareholder engagement and field building strategies; and governance related determinants of firm-level sustainable investments. Finally, the authors discuss the research gaps across these themes and identify future research questions.Originality/valueThis paper crystallizes research themes in sustainable investment literature using a vast coverage of globally conducted studies published in reputed journals till date. The findings of this study coupled with future research questions provide a well-grounded foundation for new researchers to further explore the emerging dimensions of this field.

Valuation of Infrastructure Projects: Review of the Real Options Literature

Given the infrastructure sector development and the worldwide trend to grant infrastructure projects to private investors, a growing number of articles in the literature have been devoted to the issue of evaluating this class of investments. To consider the risk and irreversibility of infrastructure investments, researchers have resorted to the real options approach (ROA), which captures the value of managerial flexibility under uncertainty. This article analyzes the research focus, trends, and design found in the literature devoted to the ROA in infrastructure concession project valuation. The results are presented in a quantitative form. They provide insights that may be of value to researchers, project developers, and policymakers who intend to plan and evaluate infrastructure concession projects.

Exploring the Determinants of Investment Behavior: Evidence from Agrarian Investor Class of India

The current research aims to identify the factors that influence the investment behavior of the agrarian investor class, an untapped potential segment for the investment market, in India. The study observes the antecedents of investment behavior and intention. Thus, the present study analyses the responses of 400 agrarian rural respondents. Data from a well-structured questionnaire administered to the study’s target participants were analyzed using structural equation modeling. The results observed the utmost influence of financial self-efficacy in establishing the agrarian rural investors’ attitude and has least influence in determining personality traits and financial knowledge, which ultimately determine the investment intention of investors. Further, social influence has the least effect on how agrarian rural people think and act. The findings demonstrate that investment intention is the leading factor in cementing the investment behavior of agrarian rural investors. This article claims its distinctiveness by adding important insights to the literature of the investment behavior and intention for the Indian agrarian investor class.

Assessment of price variation in colorectal cancer screening procedures at US hospitals.

6652 Background: Following the 2021 Hospital Price Transparency Final Rule, US hospitals were mandated to publish their insurer-negotiated prices. We identified factors contributing to price variability of colorectal cancer (CRC) screening procedures across the US. Methods: We compared prices of colonoscopy, flexible sigmoidoscopy, CT colonography, fecal occult blood test, fecal immunochemical test, and Cologuard across U.S. hospitals using the Turquoise dataset (N = 6,378). Psychiatric, rehabilitation, and pediatric hospitals were excluded. Prices in the top and bottom 1% were also excluded to minimize the effect of outliers. Prices were adjusted by the Medicare Geographic Price Index to account for regional variability. We then compared prices across several subgroups, including National Cancer Institute (NCI) designated hospitals, teaching hospitals, and investor owned hospitals. Significance was assessed using the Kruskal-Wallis test. To quantify price variability across insurance plans within a hospital, we defined the within-center-ratio as the 90th percentile rate at a hospital divided by the 10th percentile rate. To quantify variability across hospitals, the across-center-ratio was defined as the 90th percentile median rate across all hospitals divided by the 10th percentile median rate. Results: 1,460 hospitals reported commercial prices for colonoscopy with a median commercial price of $1,867 (IQR: $1,208 - $2,689). For colonoscopy, the within center ratio was 2.5 (IQR: 1.5 – 3.8) and the across-center ratio was 6.2. Prices for other procedures are provided in the table. Compared to non-investor owned hospitals, prices of colonoscopy ($2,082 vs $1,787, P <0.001) and flexible sigmoidoscopy ($2,022 vs $1,289, P <0.001) were significantly higher at investor owned hospitals. Furthermore, across investor classes, hospitals with >5% ownership from private equity firms had the highest median price for both colonoscopy ($2,898), and flexible sigmoidoscopy ($2,697). We did not find significant differences in price by NCI designation, academic teaching center affiliation, overall hospital mortality, overall hospital readmission rate, or urban/rural location. Conclusions: CRC screening procedure prices vary significantly both within and across hospitals. Private equity and other investor owned hospitals had significantly higher prices compared to non-investor owned hospitals. [Table: see text]