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dc.contributor.authorWong, Woon K.en
dc.contributor.authorCopeland, Laurenceen
dc.contributor.authorLu, Ralphen
dc.date.accessioned2010-02-24-
dc.date.accessioned2012-11-02T14:28:14Z-
dc.date.available2012-11-02T14:28:14Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/65787-
dc.description.abstractWe analyse the well-known TORQ dataset of trades on the NYSE over a 3-month period, breaking down transactions depending on whether the active or passive side was institutional or private. This allows us to compare the returns on the different trade categories. We find that, however we analyse the results, institutions are best informed, and earn highest returns when trading with individuals as counterparty. We also confirm the conclusions found elsewhere in the literature that informed traders often place limit orders, especially towards the end of the day (as predicted on the basis of laboratory experiments in Bloomfield, O'Hara, and Saar (2005)). Finally, we find that trading between institutions accounts for the bulk of trading volume, but carries little information and seems to be largely liquidity-driven.en
dc.language.isoengen
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2008/12en
dc.subject.jelG14en
dc.subject.jelG12en
dc.subject.ddc330en
dc.subject.keywordliquidity tradeen
dc.subject.keywordinformed tradesen
dc.subject.stwWertpapierhandelen
dc.subject.stwBörseen
dc.subject.stwUnvollkommene Informationen
dc.subject.stwKapitalertragen
dc.subject.stwUSAen
dc.subject.stwNew York (NY)en
dc.titleThe other side of the trading story: Evidence from NYSE-
dc.typeWorking Paperen
dc.identifier.ppn574279415en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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