 | Procyclical Behavior of Institutional Investors During the Recent Financial Crisis: Causes, Impacts, and Challenges Author/Editor: Michael G Papaioannou, Joonkyu Park, Jukka Pihlman, Han van der Hoorn. Release Date:September, 2013 This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for more...
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| Investment Objectives of Sovereign Wealth Funds : A Shifting Paradigm Author/Editor: Iva Petrova, Jukka Pihlman, Peter Kunzel, Yinqiu Lu. Release Date:January, 2011 While SWF investment objectives to some extent reflect inherent characteristics, notable differences in strategic asset allocation (SAA) exist even amongst SWFs of similar types. Even so, this paper more...
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| Procyclicality in Central Bank Reserve Management: Evidence from the Crisis Author/Editor: Jukka Pihlman, Han van der Hoorn. Release Date:June, 2010 A decade-long diversification of official reserves into riskier investments came to an abrupt end at the beginning of the global financial crisis, when many central bank reserve managers started to more...
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