The objective of this paper is to examine the relationship between aggregate stock market trading volume and daily stock returns during 2/20/2009-3/11/2011 during which the events happened in Pakistan. This paper is evaluating the instability in the stock market due to the political events and...

Using a database of daily institutional trades, we document that a majority of short-term institutional trades lose money. In aggregate, over 23% of round-trip trades are held for less than three months, and the returns on these trades average -3.91% (non-annualized). These losses are pervasive...