01757cas a2200241 a 4500 AALejournalIMF000237 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451978889 1018-5941 BD-DhAAL BD-DhAAL Aitken, Brian. Have Institutional Investors Destabilized Emerging Markets? / Brian Aitken. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students In the past few years there has been a large increase in portfolio capital flows into emerging markets, mostly fueled by mutual funds and other institutional investors. Based on a simple variance ratio test, this paper finds that emerging stock markets as a group experienced a sharp increase in autocorrelation in total returns at a time when institutional investors began to significantly expand their holdings in these markets. These results are consistent with the view that institutional investor sentiment toward emerging markets as an asset class can at times play a critical role in determining asset prices, with shifts in sentiment resulting in periods of bubble-like booms and busts and asset price overshooting. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1996/034 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/034/001.1996.issue-034-en.xml IMF e-Library