Greener Pastures and the Impact of Dynamic Institutional Preferences
研究发现机构投资者从偏好大盘股转向小盘股，这种偏好变化主要源于各类机构自身偏好的改变，而非机构类别权重的变化，并解释了小盘股风险与流动性增加的原因。
Although institutional investors have a preference for large capitalization stocks, over time they have shifted their preferences toward smaller, riskier securities. These changes in aggregate preferences have arisen primarily from changes in the preferences of each class of institution, rather than changes in the importance of different classes. Evidence also suggests that recent growth in institutional investment combined with this shift in preferences helps explain why markets in general, and smaller stocks in particular, have exhibited greater firm-specific risk and liquidity in recent years. Additional analyses suggest that institutional investors moved toward smaller securities because such securities offer "greener pastures." Copyright 2003, Oxford University Press.