Balasubramaniam, Vimal; Campbell, John Y.; Ramadorai, Tarun - National Bureau of Economic Research - 2021
, suggestive of the importance of clientele effects in the stock market …-series factor models for stock returns. We estimate the model using data from almost 10 million retail accounts in the Indian stock … market. We find that stock characteristics such as firm age and share price have strong investor clienteles associated with …