International Asset Allocations and Capital Flows : The Benchmark Effect

This paper studies channels through which well-known benchmark indexes impact asset allocations and capital flows across countries. The study uses unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-201...

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Bibliographic Details
Main Authors:	Raddatz, Claudio, Schmukler, Sergio L., Williams, Tomas
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOUNTING ACTIVE MANAGEMENT ACTIVE SHARE AGENCY PROBLEMS ARBITRAGE ASSET ALLOCATION ASSET ALLOCATIONS ASSET CLASS ASSET LIQUIDATION ASSET MANAGEMENT ASSET MANAGERS ASSET PRICES ASSET PRICING ASSETS UNDER MANAGEMENT AVERAGE FUND BALANCE OF PAYMENTS BASELINE RESULTS BEHAVIOR OF MUTUAL FUNDS BENCHMARK BENCHMARK ASSET BENCHMARK INDEX BENCHMARK INDEXES BENCHMARK PORTFOLIO BENCHMARK RETURNS BENCHMARKS BOND BOND FUNDS BOND INDEXES BOND INVESTORS BOND MARKET BOND MUTUAL FUND BONDS CAPITAL ACCOUNT CAPITAL ALLOCATION CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET FINANCING CAPITAL MARKETS CAPITAL OUTFLOWS CENTRAL BANK CORPORATE GOVERNANCE CORPORATE INVESTMENT COUNTRY PORTFOLIO COUNTRY PORTFOLIOS COUNTRY RISK CREDIT MARKET CREDIT MARKETS CURRENCY DEAD FUNDS DEBT DERIVATIVE DEVELOPMENT POLICY DIVERSIFICATION DOMESTIC MARKETS ELASTICITY EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET FUNDS EMERGING MARKET INDEXES EMERGING MARKETS EQUITIES EQUITY BENCHMARKS EQUITY FUNDS EQUITY INDEXES EQUITY MUTUAL FUND EQUITY MUTUAL FUNDS EXCHANGE RATE FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CONTAGION FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL SHOCKS FINANCIAL STUDIES FISCAL POLICY FOREIGN ASSETS FOREIGN INVESTORS FOREIGN PORTFOLIO INVESTMENTS FUND ASSETS FUND CHARACTERISTICS FUND FLOWS FUND MANAGER FUND MANAGERS FUND OUTFLOWS FUND RESEARCH GDP GDP PER CAPITA GLOBAL FINANCIAL STABILITY GLOBAL FUNDS GLOBAL INDEX GLOBAL MARKET GLOBALIZATION GLOBALIZATION OF SECURITIES GROSS DOMESTIC PRODUCT GROUP OF FUNDS GROUPS OF FUNDS GROWTH RATE HOLDING INCREASE IN FUND FLOWS INDEX FUNDS INDEX PORTFOLIO INDIVIDUAL FUNDS INDIVIDUAL SECURITIES INDIVIDUAL SECURITY INFLATION INSTITUTIONAL INVESTORS INTERNATIONAL ASSET INTERNATIONAL ASSETS INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL DIVERSIFICATION INTERNATIONAL ECONOMICS INTERNATIONAL EQUITY INTERNATIONAL FINANCE INTERNATIONAL FUNDS INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INTERNATIONAL MUTUAL FUND INTERNATIONAL MUTUAL FUNDS INTERNATIONAL PORTFOLIO INVESTING INVESTMENT BEHAVIOR INVESTMENT COMPANY INVESTMENT DECISIONS INVESTMENT STRATEGIES INVESTMENT STRATEGY INVESTMENT VEHICLES INVESTOR PSYCHOLOGY INVESTOR SENTIMENT IRRATIONAL EXUBERANCE LEVY LIABILITY LIQUIDATION LIQUIDITY MACROECONOMIC VARIABLES MACROECONOMICS MARKET CAPITALIZATION MARKET CAPITALIZATIONS MARKET COUNTRY MARKET INDEX MARKET INDEXES MARKET INTEGRATION MONETARY FUND MONETARY POLICY MONEY MANAGERS MUTUAL FUND MUTUAL FUND ASSET MUTUAL FUND INDUSTRY MUTUAL FUND INVESTMENTS MUTUAL FUND MANAGERS MUTUAL FUND PERFORMANCE MUTUAL FUND PERFORMANCE EVALUATION MUTUAL FUND PORTFOLIO MUTUAL FUND PORTFOLIOS MUTUAL FUND STRATEGIES MUTUAL FUNDS NAV NEGATIVE SHOCKS NET ASSET NET ASSET VALUE NET ASSETS NET RETURN NET RETURNS PASSIVE FUNDS PASSIVE INVESTMENT PERFORMANCE EVALUATION PERFORMANCE MEASUREMENT POLICY RESPONSES POLITICAL ECONOMY PORTFOLIO ALLOCATION PORTFOLIO ALLOCATIONS PORTFOLIO CHANGES PORTFOLIO CHOICE PORTFOLIO COMPOSITION PORTFOLIO FLOWS PORTFOLIO HOLDINGS PORTFOLIO MANAGEMENT PORTFOLIO MANAGER PORTFOLIO WEIGHT PORTFOLIO WEIGHTS PRICE PRESSURES PRINCIPAL-AGENT PROBLEMS PROSPECTUS PUBLIC INFORMATION REDEMPTIONS REGIONAL FUNDS RESERVE BANK RETAIL INVESTORS RETURN RETURNS RISK AVERSE RISK AVERSION RISK MANAGEMENT S&P SECURITIES SECURITIES MARKETS SECURITY MARKET SOPHISTICATED INVESTORS STOCK MARKET STOCK MARKET RETURNS STOCK RETURN STOCK RETURNS STOCKS SYSTEMIC RISK TRADING TRANSACTION TRANSACTION COSTS TRANSPARENCY TREASURY TYPES OF FUNDS VALUATIONS VOLATILITY
Online Access:	http://documents.worldbank.org/curated/en/2014/05/19496736/international-asset-allocations-capital-flows-benchmark-effect http://hdl.handle.net/10986/18337

Internet

http://documents.worldbank.org/curated/en/2014/05/19496736/international-asset-allocations-capital-flows-benchmark-effect
http://hdl.handle.net/10986/18337

International Asset Allocations and Capital Flows : The Benchmark Effect

Internet

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