02030cas a2200277 a 4500 AALejournalIMF013897 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484336083 1018-5941 BD-DhAAL BD-DhAAL Papaioannou, Michael. Procyclical Behavior of Institutional Investors During the Recent Financial Crisis : Causes, Impacts, and Challenges / Michael Papaioannou, Joonkyu Park, Jukka Pihlman, Han Hoorn. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (53 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 This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution's perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability. Mode of access: Internet Hoorn, Han. Park, Joonkyu. Pihlman, Jukka. IMF Working Papers; Working Paper ; No. 2013/193 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/193/001.2013.issue-193-en.xml IMF e-Library