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Article summary:
1. Institutional investors are increasingly investing in alternative asset classes due to the promise of superior returns and diversification benefits.
2. Intermediaries such as external managers and funds-of-funds capture a large part of the potential diversification benefits through higher fees and lower returns.
3. Institutional investors face reduced number of listed companies, increased corporate concentration, and declining interest rates in traditional assets such as equities and bonds.
Article analysis:
The article is generally reliable, providing evidence for its claims with references to other studies (e.g., Gao, Ritter, and Zhu 2013; Doidge, Karolyi, and Stulz 2017; Kwon, Ma, and Zimmermann 2021). The article also provides an Internet Appendix which is available on the Oxford University Press Web site next to the link to the final published paper online. However, there are some points that could be improved upon in terms of trustworthiness and reliability. For example, the article does not provide any counterarguments or explore any possible risks associated with investing in alternative asset classes. Additionally, it does not present both sides equally when discussing the role of intermediaries such as external managers and funds-of-funds in capturing potential diversification benefits through higher fees and lower returns. Furthermore, there is no mention of any promotional content or partiality in the article which could be seen as a potential bias. In conclusion, while overall reliable, this article could benefit from further exploration into counterarguments or risks associated with investing in alternative asset classes as well as more balanced presentation of both sides when discussing intermediaries’ role in capturing potential diversification benefits through higher fees and lower returns.