Using XBRL as a quasi-natural experiment, we examine whether the mandated improvement on financial information presentation attenuates the profitability of insiders' trades. We provide unique insights on how insiders profit from publicly available information. We find that XBRL adoption...

Using a proprietary dataset comprising of the trading records of individual investors from a UK brokerage firm, we examine whether behavioural bias of individual investors is exacerbated by different market conditions. We find some evidence that investors who are prone to overconfidence trade...

We examine the effect of algorithmic trading (AT) on the US mutual fund performance and find that funds holding stocks with higher AT intensity have lower holdings return and higher interim trading profits as measured by return gap. This positive effect of AT on return gap survives controls of...

We investigate the provision of liquidity by different trader types on the Australian Securities Exchange using data that spans an extended sample period of 2003 to 2012. We find the familiar intraday U-shaped pattern in order volume and frequency where the lunch time session is associated with...

This paper provides evidence that institutional investors’ concern for firms’ environment, social and governance (ESG) is reflected in their trading activity around firms’ negative ESG incidents. We show that institutional investors reduce net purchases around these incidents, and the...

Ben-Rephael et al. (2017) show “it depends on where you search”, highlighting a difference in retail and institutional attention. We add to this by investigating attention on the popular subreddit r/wallstreetbets, Twitter, Wikipedia page views, media, and a proxy for institutional...