This paper uses transaction-level fund trading data from the United States to study the information advantage of institutional investors. Our research design follows a two-step procedure. In the first step, we identify funds that sell shares in firms before their unexpected revelation of stock...

This paper uses a unique transaction-level fund trading dataset to evaluate institutional investors' trading performance. Our research design follows a two-step procedure. In the first stage, we identify funds that heavily sold shares in firms before their public revelation of stock option...