attempts to trade or cancel that fail. This allows the researcher to observe both winners and losers in a race, whereas in …

Using a novel database, we show that the stock-price impact of analyst trade ideas is at least as large as the impact … of stock recommendation, target price, and earnings forecast changes, and that investors following trade ideas can earn … significant abnormal returns. Trade ideas triggered by forthcoming firm catalyst events are more informative than ideas exploiting …

-flow information. Furthermore, using trader-level data, we find that investors are more likely to trade with traders who are located … physically closer and are less likely to trade with traders that have misbehaved in the past. Lastly, we use our empirical model …