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Home | Events Archive | Similar Investors
Seminar

Similar Investors

  • Series
    Erasmus Finance Seminars
  • Speaker
    Diane Pierret (University of Luxembourg)
  • Field
    Finance, Accounting and Finance
  • Location
    Erasmus University Rotterdam, room Polak 3-09
    Rotterdam
  • Date and time

    March 03, 2026
    11:45 - 13:00

We test the prediction that investors divest from an asset in anticipation of large liquidation costs when their portfolio similarity with other asset holders is high. We provide evidence supporting this hypothesis using detailed data on money market funds that invest in the debt securities of financial institutions. We develop an instrument that exploits variation in portfolio similarity driven by idiosyncratic redemptions from other funds to confirm our results. The effect of portfolio similarity on divestment is stronger for ex-post illiquid securities, for more illiquid and diversified funds, and for actively managed institutional funds.

Joint work with Co-Pierre Georg and Sascha Steffen