Chen, Hung-Ling; Chow, Edward H.; Shiu, Cheng-Yi - In: Pacific-Basin Finance Journal 31 (2015) C, pp. 36-56
Using a unique data set, we find that large individual investors are successful at picking stocks. Large individual investors' correlated trades can not only move synchronous stock prices but also positively predict future returns. More importantly, they tend to trade before major earnings...