investors who report that they rely heavily on their advisors’ recommendations have a substantially higher trading volume and …-driven” trading activity by using survey evidence on the initiative and frequency of contacts between advisors and investors …

that there will be zero asset flow into and out of the funds, zero excess returns net of trading costs, a fixed management …

We study the effects of a bank’s engagement in trading. Traditional banking is relationship-based: not scalable, long …-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions … engages in trading, it can use its ‘spare’ capital to profitably expand the scale of trading. However there are two …

trading landscape has become more fragmented. In order to analyze the positive and normative implications of these evolutions …, we study a framework that captures (i) exchanges’ incentives to invest in faster trading technologies and (ii) investors …’ trading and participation decisions. Our model predicts that regulations that protect prices will lead to fragmentation and …

Many questions about institutional trading can only be answered if one can track high-frequency changes in …. We infer daily institutional trading behaviour from the “tape”, the Transactions and Quotes database of the New York …