The Behavior of Intoxicated Investors: The Role of Institutional Investors in Propagating the Crisis of 2007-2008
In: NBER Working Paper No. w16191
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In: NBER Working Paper No. w16191
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In: Emerging markets, finance and trade: EMFT, Band 53, Heft 7, S. 1573-1588
ISSN: 1558-0938
In: NBER Working Paper No. w6434
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In: Journal of Alternative Investments, Forthcoming
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In: Journal of Banking and Finance, Band 133, Heft 106273
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In: Financial Analysts Journal, forthcoming
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Recent empirical studies claim that, in addition to levels of corruption, investors are deterred by its unpredictability. I claim instead that it is petty corruption that deters investors. I employ seven subcomponents of corruption for a sample of 102 countries that appear in the 2003 Global Competitiveness Report of the WEF. The second principal component of this data depicts a grand, political type, embracing corruption in government policymaking and in judicial decisions as opposed to corruption in public utilities and loan applications. Grand corruption less deters investors because they might feel belonging to an inner circle of insiders that can profit from hidden arrangements. Grand corruption also entails relatively smaller organizational effort.
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In: Journal of European Real Estate Research 2(2):110-131,2009
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In: FIRN Research Paper
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