The IPO process is a way for companies to improve their corporate governance and for investors to assess company quality. This paper posits that investor choices vary with differences in investment ability and experience. Three groups of investors with large holdings, namely individual...

This paper explores the institutional trading on the stock anomaly characteristics in REITs. In the general stock market, Edelen, Ince and Kadlec (2016) find that institutional investors trade on the wrong side of well-known anomalies, which results in negative relationship between the change in...