Banks and insurance companies as institutional investors

2002 ◽  
pp. 146-172
Keyword(s):  
Institutional Investors ◽  
Insurance Companies

scholarly journals A survey of institutional investors' attitudes and perceptions of residential property: the Swiss, Dutch and Swedish cases

2005 ◽  
pp. 87-123
Author(s):  
Joaquim Montezuma de Carvalho
Keyword(s):  
The Netherlands ◽  
Asset Management ◽  
Institutional Investors ◽  
Dominant Role ◽  
Postal Survey ◽  
Insurance Companies ◽  
Residential Property ◽  
Institutional Investment ◽  
Housing Investment ◽  
Attitudes And Perceptions

This paper provides evidence about institutional investors' attitudes and perceptions of residential property as an investment asset group in three European countries (Switzerland, the Netherlands and Sweden). These countries stand out, with an extraordinarily large institutional residential ownership, in fact, residential institutional allocation represents about 6%, 2% and 3% of the total institutional investment in the Switzerland, Netherlands and Sweden respectively. Housing is the most important institutional property asset type in Switzerland and the Netherlands, comprising over 52% and 50% of their institutional property portfolios respectively. ln Sweden residential property plays an important, but not dominant role in the domestic institutional property portfolios, representing about 21 % of the institutional property holdings. Using a postal survey of representatives of pension funds, insurance companies, property investment and asset management companies the study analyses the attractiveness of residential property in terms of institutional investment goals. The survey examines the institutional investors' perceptions of housing investment, namely with respect to its returns, volatility, inflation hedging, liabilities matching and correlation with shares, bonds and non-residenfial property. Additionally, the survey looks at the institutional investors' experiences regarding the private rented sector.

scholarly journals Dividends and institutional investors activism: Pressure resistant or pressure sensitive?

2008 ◽  
Vol 6 (1) ◽  
pp. 38-43 ◽  
Author(s):  
José María Diez-Esteban ◽  
Óscar López-de-Foronda
Keyword(s):  
Corporate Governance ◽  
Legal System ◽  
Institutional Investors ◽  
Dividend Policy ◽  
Civil Law ◽  
Insurance Companies ◽  
Agency Conflicts ◽  
Anglo Saxon ◽  
Investment Funds ◽  
Different Characteristics

This paper provides new international evidence on the relationship between dividend policy and institutional ownership by analysing a sample of US and UK and Irish firms characterised by an Anglo-Saxon tradition and a matching sample of other EU companies from Civil Law legal systems. We hypothesize that, due to the different characteristics of both the legal system and the nature of agency conflicts in firms from those countries, the type of institutional investors and their role in corporate governance is different and so the use of dividend policy to solve the conflict of corporate governance problem differs in each legal system. We find that while in firms from Anglo-Saxon tradition the relation between dividends and institutional investors, pension and investment funds, is possitive, in Civil Law countries the relation is negative where investors are banks or insurance companies with other private interest inside the firm. These results are consistent with our hypotheses and breed new insights into the role of dividend policy as a disciplining mechanism in firms from different legal system with an important presence of institutional investors

Investors’ perception on the usefulness of management report disclosures

2019 ◽  
Vol 27 (6) ◽  
pp. 893-920 ◽  
Author(s):  
Mostafa Kayed Mohamed ◽  
Alessandra Allini ◽  
Luca Ferri ◽  
Annamaria Zampella
Keyword(s):  
Decision Making ◽  
Institutional Investors ◽  
Information Needs ◽  
Financial Analysts ◽  
Insurance Companies ◽  
Voluntary Disclosures ◽  
Content Type ◽  
Scientific Debate ◽  
Types Of Information ◽  
Management Report

Purpose This paper aims to examine the usefulness of disclosures provided by Egyptian firms in the management report from the viewpoint of financial analysts and institutional investors. Design/methodology/approach Institutional investors are surveyed to determine whether disclosures are meeting the needs of these financial statements’ users. The final sample consists of 78 financial analysts who work at stockbrokerage firms and 36 institutional investors who work in Egyptian banks and insurance companies. Findings The main findings reveal that investors view mandatory and voluntary disclosures differently. Some voluntary disclosures are more useful than mandatory disclosures, which highlights a gap between the regulations and users’ information needs. Moreover, the findings show that respondents consider information related to ownership structure more important than information on risks and firms’ future performance. Research limitations/implications This study enriches the scientific debate on the usefulness of disclosures provided in the management report. It might also encourage other researchers to focus on investigating different types of information that may have a significant influence on the decision-making process. Practical implications The findings will be useful to regulators to improve the current rules of disclosures. In addition, these results will also be helpful to managers because they highlight the disclosure items that are considered important by users. Originality/value This study provides evidence on how users perceive the usefulness of information disclosed in the management reports for their decision-making in an emerging capital market. Even though previous studies investigated the usefulness of management reports, no one of them emphasized the users’ viewpoint.

scholarly journals The Europe 2020 project bond initiative: an alternative to finance infrastructure in Europe

2015 ◽  
Vol 24 (1) ◽  
pp. 229-252 ◽  
Author(s):  
José Manuel VASSALLO ◽  
Thais RANGEL ◽  
María de los Ángeles BAEZA ◽  
Paola Carolina BUENO
Keyword(s):  
European Union ◽  
Institutional Investors ◽  
Commercial Banks ◽  
Large Scale ◽  
Public Consultation ◽  
Insurance Companies ◽  
The European Union ◽  
Credit Enhancement ◽  
Europe 2020 ◽  
Economic And Financial Crisis

The economic and financial crisis that struck Europe over the last few years has imposed much stricter capital and liquidity requirements for commercial banks thereby reducing their ability to provide funding to infrastructure projects. To circumvent this problem the European Union has promoted the Europe 2020 Project Bond Initiative (PBI) aimed at using European funds for credit enhancement to increase the appetite of institutional investors – such as pension funds and insurance companies – to boost large-scale infrastructure financing. In this paper we describe the specific constraints and attractiveness of the PBI within Europe using the SWOT methodology to analyse the information coming from both pilot case studies and the responses that institutional investors and other stakeholders provided to the EC public consultation about the PBI. On the basis of this information we found that even though the initiative may contribute to facilitate infrastructure financing in Europe, there are still some challenges to be addressed for its right implementation.

scholarly journals International Real Estate Review

1998 ◽  
Vol 1 (1) ◽  
pp. 17-44
Author(s):  
Gregory H. Chun ◽  
Keyword(s):  
Real Estate ◽  
Life Insurance ◽  
Institutional Investors ◽  
Empirical Work ◽  
The United States ◽  
Insurance Companies ◽  
Portfolio Decisions ◽  
The United Kingdom ◽  
Real Estate Assets ◽  
Ownership Patterns

In this paper we examine the institutional real estate ownership patterns of life insurance companies for 10 countries over the period 1986-96. The countries included are ustralia, Austria, Belgium, France, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and the United States. We find that most institutional investors worldwide have shifted out of real estate assets and into stocks and bonds over the last decade. We then investigate whether this behavior is the result of changing investor perceptions or a shift in stock market apitalization. To test this hypothesis, the paper derives measures of ex ante real estate returns following previous empirical work in finance. The results indicate that only a small proportion of what is driving institutional investors' real estate portfolio decisions is actually explained by changing investor perceptions and lagged unexpected excess returns.

Do Institutional Investors Know Banks Better? Evidence From Institutional Trading Surrounding the 2008 Financial Crisis

2019 ◽  
Vol 35 (4) ◽  
pp. 777-802
Author(s):  
Wei-Ling Song ◽  
Hui (Hillary) Wang
Keyword(s):  
Financial Crisis ◽  
Institutional Investors ◽  
Abnormal Returns ◽  
Insurance Companies ◽  
Economic Damage ◽  
Institutional Trading ◽  
2008 Financial Crisis ◽  
High Exposure ◽  
Market Participants ◽  
The 2008 Financial Crisis

The catastrophic economic damage caused by the 2008 financial crisis was unprecedented and caught many market participants by surprise. It raises the question: To what extent do institutional investors play a monitoring role in the banking industry? In this article, we investigate this underresearched area and provide evidence that gray institutions (i.e., banks and insurance companies) have more information about banks’ risk exposure to securitization than independent institutions do (e.g., investment companies and public pension funds) as gray institutions shied away from banks holding more private-label mortgage-backed securities or issuing riskier securitization deals before the crisis. We also find that the trading of gray institutions before the crisis can predict high-exposure banks’ abnormal returns around the Lehman Bankruptcy and subsequent 1-year stock performance. The trades of gray institutions are also significant and positively related to such banks’ operating performance during the crisis period.

scholarly journals THE ROLE AND FEATURES OF INSTITUTIONAL INVESTORS INPROVIDING OF INNOVATIVEINVESTMENT

2018 ◽  
pp. 120-130
Author(s):  
С. В. Онишко ◽  
В. А. Новицький
Keyword(s):  
Institutional Investors ◽  
Pension Funds ◽  
Insurance Companies ◽  
Investment Activity ◽  
Current Structure ◽  
Investment System ◽  
State Pension ◽  
State Pension Funds

In article is analyzed the structure of innovative investment system in Ukraine. Founded that in Ukraine developed three types of non-bank innovative investors – collective investment institutes (including venture funds), non-state pension funds and insurance companies. To unveil their innovation investment activity was analyzed the current structure of investment assets and its changes. Also in article we outlined the key problems of development of innovative investment in Ukraine and proposed few ways to solve them.

scholarly journals Operational evidences on the engagement duty of Italian institutional investors

2019 ◽  
Vol 1 (1) ◽  
pp. 8-16 ◽  
Author(s):  
Francesco Drigo
Keyword(s):  
European Union ◽  
Institutional Investors ◽  
Stock Exchange ◽  
Pension Funds ◽  
Insurance Companies ◽  
The European Union ◽  
Local Engagement ◽  
Asset Managers ◽  
Collective Engagement

Directive 2017/828 is the main legislative text of reference of the European Union (“EU”) in relation to the engagement duty of institutional investors (insurance companies, pension funds and asset managers) towards investee companies. This paper is intended to provide an overview of the engagement activities of Italian institutional investors and to outline possible developments with respect to local engagement practices. In general, evidence has shown a lack of activism by pension funds and domestic insurance companies, as well as the adoption of a selective/opportunistic approach by asset managers, mainly through collective engagement. Further, the Italian stock exchange showed a certain degree of proactivity in promoting the dialogue between issuer companies and investors. In this scenario, it may be worthy to investigate the opportunity for pension funds and insurance companies to exercise engagement activities in collective form as well.

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