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Asset price effects of peer benchmarking : evidence from a natural experiment (English)

This paper estimates the effects of peer benchmarking by institutional investors on asset prices. To identify trades purely due to peer benchmarking as separate from those based on fundamentals or private information, the paper exploits a natural experiment involving a change in a government imposed underperformance penalty applicable to Colombian pension funds. ... See More +

Policy Research Working Paper WPS7239 APR 14, 2015

Acharya,Sushant; Pedraza Morales,Alvaro Enrique Disclosed