This paper investigates whether trading behavior of CEOs impacts the levels of corporate investment. Prior studies show that individuals who trade on the stock market are less financially conservative. We find that this behavioural attribute is consistent over both the individual and corporate...

A stock’s 52 week high price represents an extremely salient anchor in an investor’s tradingdecision. Using trade and quote data, we document that stocks near the 52 week high priceexhibit significantly higher levels of liquidity than stocks far from the 52 week high. Thisincrease in...