This paper analyzes large retail trades using an event study approach. A major finding in studies of this nature is an immediate reversal on the trade subsequent to the large transaction, for both large purchases and large sales. This reversal is inconsistent with the overwhelming majority of...

The global trend towards automation in futures markets is in part driven by competitive pressure amongst exchanges to reduce transaction costs. This study examines the impact of electronic trading on the cost of trade execution by examining the transition from floor to electronic trading on the...

This paper examines the investment performance of active Australian bond funds and the impact of investor fund flows on portfolio returns. Security selection and market timing performance are evaluated using both unconditional models and conditional-performance evaluation techniques that account...