TY - JOUR
T1 - Behavioural biases of Japanese institutional investors
T2 - Fund management and corporate governance
AU - Suto, Megumi
AU - Toshino, Masashi
PY - 2005/7
Y1 - 2005/7
N2 - This study examines the behavioural biases of Japanese institutional investors and discusses implications for their role in corporate governance, based on the findings of a questionnaire survey of fund managers carried out in 2003. Statistical analysis of the survey results reveals a short-term bias in fund managers' investment time horizons, herding and self-marketing to improve the appearance of portfolio performance under the pressure either of customers or of institutional restraints. We conclude that institutional investors' behaviour contradicts their role as shareholders.
AB - This study examines the behavioural biases of Japanese institutional investors and discusses implications for their role in corporate governance, based on the findings of a questionnaire survey of fund managers carried out in 2003. Statistical analysis of the survey results reveals a short-term bias in fund managers' investment time horizons, herding and self-marketing to improve the appearance of portfolio performance under the pressure either of customers or of institutional restraints. We conclude that institutional investors' behaviour contradicts their role as shareholders.
KW - Corporate governance
KW - Fund management
KW - Herding
KW - Institutional investors
KW - Investment time horizon
KW - Self-marketing
UR - http://www.scopus.com/inward/record.url?scp=22144454669&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=22144454669&partnerID=8YFLogxK
U2 - 10.1111/j.1467-8683.2005.00442.x
DO - 10.1111/j.1467-8683.2005.00442.x
M3 - Article
AN - SCOPUS:22144454669
SN - 0964-8410
VL - 13
SP - 466
EP - 477
JO - Corporate Governance: An International Review
JF - Corporate Governance: An International Review
IS - 4
ER -