Do Institutions Window Dress? An Empirical Investigation
DOI:
https://doi.org/10.1016/1057-0810(95)90029-2Abstract
An investigation is made into whether institutional fund managers modify the compo- sition of their portfolios at year end to increase their appeal to investors. The portfolio composition of over 1,000 institutions is evaluated between 1985 and 1988. Neither regression analysis nor means tests across quarters provide any evidence that a systematic shift to larger or lower risk firms occurs at year end. An unexplained 3rd-quarter anomaly is discovered. Quarterly Journal of Business & Economics, Spring 1994, 33(2): 69-78. (Reprinted with permission of ABIfinform, Copyright UMI.)
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