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PhD Defense Ms. M. Luo, MSc

Title: Essays on Institutional Investors
Supervisor: Prof. O. Spalt
Co-supervisors: Dr. A. Manconi, Dr. D. Schumacher


This thesis contributes to our understanding of the role of institutional investors by investigating how financial institutions’ investment behaviors are affected by investors’ behavioral preferences (in chapter 1), how the market discounts a perceived bias in financial news outlets (in chapter 2), and what drives the consolidation in the mutual fund industry (in chapter 3). In particular, the first chapter studies how investors’ local preference affects mutual funds’ portfolio choices. The main finding is that mutual funds overweight stocks headquartered in the client countries (i.e., where funds are sold) to attract investors, despite delivering underperforming portfolios. The second chapter investigates how investors react to the political bias in financial media and finds that investors tend to discount news sentiment in a media outlet after its news has been perceived as biased. The third chapter shows two drivers for asset managers to merge: access to new markets and to new investment expertise. One important implication is that financial mergers create synergies.  

Location: Cobbenhagen building, Auditorium (access via Koopmans building)

Order the PhD thesis


When: 14 July 2017 10:00

Where: Route description Tilburg University campus