Who Drove and Burst the Tech Bubble?

ABSTRACT
From 1997 to March 2000, as technology stocks rose more than five-fold, institutions
bought more new technology supply than individuals. Among institutions, hedge
funds were the most aggressive investors, but independent investment advisors and
mutual funds (net of flows) actively invested the most capital in the technology sector.
The technology stock reversal inMarch 2000 was accom ...