[ Analyse du comportement des investisseurs institutionnels selon la littérature ]
Volume 2, Issue 4, April 2013, Pages 649–660
Nafii IBENRISSOUL1
1 Laboratoire de management, d'innovation et d'économie LAMIE, Ecole nationale de commerce et de gestion ENCG, Université Hassan II Mohammedia, Casablanca, Morocco
Original language: French
Copyright © 2013 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
The international financial systems knew important modifications during these last decades. The business of financial intermediation tips over more and more in the hands of new actors that are institutional investors. The rise of institutional investors is an indubitable fact that underlines very numerous researches. It can be analyzed as a deep modification of the capitalism and as a strengthening of the power of the shareholders whose behavior investor and owner is transformed. It is accompanied by the emergence of new finance professions whose the organization structures the practices of investment. The term of institutional investor includes all the financial intermediaries who collect funds to place either with the companies which wish to invest, or by buying securities on the secondary markets of stock exchanges. Institutional investors include banks, insurance companies, pension funds, investment companies as well as organizations for collective investment in transferable securities. Several studies were interested to examine their behavior in financial markets. A first category of works adduces that institutional investors are real "traders". Their main objective is the maximization of the profitability of their short-term investments. Conversely, the second category of works suggests that the proportions of capital more and more important held by institutional investors imply the abandonment of a neutral attitude. Our theoretical investigation of the behavior of these actors has enabled us to highlight several behaviors delegation management, management style and the international diversification of their portfolio.
Author Keywords: Financial intermediation, Institutional investors, Capitalism, Financial markets.
Volume 2, Issue 4, April 2013, Pages 649–660
Nafii IBENRISSOUL1
1 Laboratoire de management, d'innovation et d'économie LAMIE, Ecole nationale de commerce et de gestion ENCG, Université Hassan II Mohammedia, Casablanca, Morocco
Original language: French
Copyright © 2013 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
The international financial systems knew important modifications during these last decades. The business of financial intermediation tips over more and more in the hands of new actors that are institutional investors. The rise of institutional investors is an indubitable fact that underlines very numerous researches. It can be analyzed as a deep modification of the capitalism and as a strengthening of the power of the shareholders whose behavior investor and owner is transformed. It is accompanied by the emergence of new finance professions whose the organization structures the practices of investment. The term of institutional investor includes all the financial intermediaries who collect funds to place either with the companies which wish to invest, or by buying securities on the secondary markets of stock exchanges. Institutional investors include banks, insurance companies, pension funds, investment companies as well as organizations for collective investment in transferable securities. Several studies were interested to examine their behavior in financial markets. A first category of works adduces that institutional investors are real "traders". Their main objective is the maximization of the profitability of their short-term investments. Conversely, the second category of works suggests that the proportions of capital more and more important held by institutional investors imply the abandonment of a neutral attitude. Our theoretical investigation of the behavior of these actors has enabled us to highlight several behaviors delegation management, management style and the international diversification of their portfolio.
Author Keywords: Financial intermediation, Institutional investors, Capitalism, Financial markets.
Abstract: (french)
Les systèmes financiers internationaux ont connu d'importantes modifications au cours de ces dernières décennies. Le métier d'intermédiation financière bascule de plus en plus aux mains de nouveaux acteurs que sont les investisseurs institutionnels.
La montée en puissance des investisseurs institutionnels est un fait indubitable que soulignent de très nombreuses recherches. Elle peut être analysée comme une modification profonde du capitalisme et comme un renforcement du pouvoir des actionnaires dont les comportements d'investisseur et de propriétaire se transforment. Elle s'accompagne de l'émergence de nouvelles professions de la finance dont l'organisation même structure les pratiques d'investissement.
Le terme d'investisseur institutionnel regroupe l'ensemble des intermédiaires financiers qui collectent les fonds pour les placer soit auprès des entreprises qui désirent investir, soit en achetant des titres sur les marchés secondaires des bourses. Les investisseurs institutionnels regroupent les banques, les compagnies d'assurance, les caisses de retraite, les sociétés d'investissement ainsi que les organismes de placement collectif en valeurs mobilières.
Plusieurs recherches se sont intéressées à examiner leur comportement dans les marchés financiers. Une première catégorie de travaux allègue que les investisseurs institutionnels sont de véritables « traders ». Leur principal objectif est la maximisation de la rentabilité de leurs investissements à court terme. Inversement, une deuxième catégorie de travaux avance que les proportions de capital de plus en plus importantes détenues par les investisseurs institutionnels impliquent l'abandon d'une attitude neutre.
Notre investigation théorique du comportement de ces acteurs nous a permis de ressortir plusieurs comportements ; La délégation de gestion, le style de gestion ainsi que la diversification internationale de leur portefeuille.
Author Keywords: Intermédiation financière, Investisseurs institutionnels, Capitalisme, Marchés financiers.
How to Cite this Article
Nafii IBENRISSOUL, “Analysis of the behavior of institutional investors in the literature,” International Journal of Innovation and Applied Studies, vol. 2, no. 4, pp. 649–660, April 2013.
