We analyse the well-known TORQ dataset of trades on the NYSE over a 3-month period, breaking down transactions depending on whether the active or passive side was institutional or private. This allows us to compare the returns on the different trade categories. We find that, however we analyse...

Abstract: Wall Street: no other place on earth is so singularly identified with money and the power of money. And no other American institution has inspired such deep moral, cultural, and political ambivalence. Is the Street a bulwark defending commercial order? Or is it a center of mad...