Cyclical Investment Behavior Across Financial Institutions

@article{Timmer2016CyclicalIB,
  title={Cyclical Investment Behavior Across Financial Institutions},
  author={Yannick Timmer},
  journal={Banking \& Insurance eJournal},
  year={2016}
}
  • Yannick Timmer
  • Published 2016
  • Business, Economics
  • Banking & Insurance eJournal
This paper contrasts the investment behavior of different financial institutions in debt securities as a response to price changes. For identification, I use unique security-level data from the German Microdatabase Securities Holdings Statistics. Banks and investment funds respond in a pro-cyclical manner to price changes. In contrast, insurance companies and pension funds act counter-cyclically; they buy after price declines and sell after price increases. The heterogeneous responses can be… Expand

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