NDLI: Adaptive Investment Strategies During Financial Crises and the Role of Corruption: An Experiment with Financial Professionals

Content Provider	Semantic Scholar
Author	Paserman, M. Daniele
Copyright Year	2016
Abstract	I employ experimental methods to study the way financial professionals adapt investment strategies in sovereign-bonds during financial crises. I find that when the complexity of the environment increases, investors reduce information processing and shift to strategies in which they systematically focus on a selective subset of bond aspects, neglecting information considered as relevant during “normal” times. The issuer's level of corruption is found to be an aspect on which investors anchor during crises. I suggest that this mechanism makes corrupt emerging markets more prone to bond sell-off and comovement with global markets when investor sentiment deteriorates.
File Format	PDF HTM / HTML
DOI	10.2139/ssrn.2731507
Alternate Webpage(s)	http://www.webster.ch/academics/research/files/pasermanfeb2016.pdf
Alternate Webpage(s)	https://doi.org/10.2139/ssrn.2731507
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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