John C. Pound

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NBER Working Papers and Publications

January 1990Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance
with Richard J. Zeckhauser
in Asymmetric Information, Corporate Finance, and Investment, R. Glenn Hubbard, editor
June 1986Speculative Behavior of Institutional Investors
with Robert J. Shiller: w1964
A survey compared speculative behavior in two groups of institutional investors. The "experimental" group held stocks that had shown extraordinary price increases over the preceding year that also had high price earnings ratios. The control group held randomly selected stocks. In Shiller and Pound [1986] we argued that the survey results gave some support to some diffusion or epidemic models for interest in the stocks in the experimental group. Here, we show that the two groups are similar in describing their investment strategy as relating to a theory about fundamental value rather than about the kind of stocks that are becoming attractive to investors. However, the experimental group is less likely to make explicit comparisons of price with measures of fundamental value, and differs from...

Published: Journal of Portfolio Management, vol. 13, no. 3, pp. 46-52, Spring 1987

March 1986Survey Evidence on Diffusion of Investment Among Institutional Investors
with Robert J. Shiller: w1851
Contagion or epidemic models of financial markets are proposed in which interest in or attention to individual stocks is spread by word of mouth. The models give alternative interpretations of the random walk character of stock prices. A questionnaire survey of institutional investors was undertaken to ascertain the relevance of such models. Questions elicited what fraction of these investors were unsystematic and allowed themselves to be influenced by word-of-mouth communications or other salient stimuli. Rough indications of the infection rate and removal rate were produced. Investors in stocks whose price had recently increased dramatically to a high P/E ratio were contrasted with a control group of investors.

Published: Journal of Economic Behavior and Organization vol. 12, p. 47-66 1989

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