The Interim Trading Skills of Institutional Investors
Using a large proprietary database of institutional trades, this paper examines the interim (intraquarter) trading skills of institutional investors. We find strong evidence that institutional investors earn significant abnormal returns on their trades within the trading quarter and that interim tra...
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| Veröffentlicht in: | The Journal of finance (New York) 2011-04, Vol.66 (2), p.601-633 |
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| container_end_page | 633 |
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| container_issue | 2 |
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| container_title | The Journal of finance (New York) |
| container_volume | 66 |
| creator | PUCKETT, ANDY YAN, XUEMIN (STERLING) |
| description | Using a large proprietary database of institutional trades, this paper examines the interim (intraquarter) trading skills of institutional investors. We find strong evidence that institutional investors earn significant abnormal returns on their trades within the trading quarter and that interim trading performance is persistent. After transactions costs, our estimates suggest that interim trading skills contribute between 20 and 26 basis points per year to the average fund's abnormal performance. Our findings also indicate that any trading skills documented by previous studies that use quarterly data are biased downwards because of their inability to account for interim trades. |
| doi_str_mv | 10.1111/j.1540-6261.2010.01643.x |
| format | Article |
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Our findings also indicate that any trading skills documented by previous studies that use quarterly data are biased downwards because of their inability to account for interim trades.</description><subject>Abnormal returns</subject><subject>Brokers</subject><subject>Common stock</subject><subject>Fund management</subject><subject>Growth stocks</subject><subject>Institutional investments</subject><subject>Investment planning</subject><subject>Investment policy</subject><subject>Investment returns</subject><subject>Investment strategies</subject><subject>Investment trusts</subject><subject>Investors</subject><subject>Money management</subject><subject>Mutual funds</subject><subject>Portfolio management</subject><subject>Portfolio performance</subject><subject>Securities trading</subject><subject>Stock prices</subject><subject>Stock sales</subject><subject>Studies</subject><subject>Trade</subject><issn>0022-1082</issn><issn>1540-6261</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2011</creationdate><recordtype>article</recordtype><recordid>eNqNUMlOwzAQtRBIlMInIEWcuKR4iWP7goQQXVChIIrgZjmpA0nTptgptH_PhKAeODEHb28Zz0MoILhHoC6KHuERDmMakx7F8IpJHLHeZg91dsA-6mBMaUiwpIfoyPsCN8V5B_Hpuw1Gy9q6fBFMnZnly7fgaZ6XpQ-qDBBf5_W6zqulKeH2aX1dOX-MDjJTenvyu3fRc_9mej0Mx5PB6PpqHKaREiw02YyaGFOSJKmA5ixjOLGxiEUiVCJhYYQpKmTCCWcCE0azbMZVShSQiGFddN76rlz1sYbeepH71JalWdpq7TUBbwJTRxKoZ3-oRbV28GuvJZeMqEhSIMmWlLrKe2czvYK5jduCk27i1IVuUtNNarqJU__EqTcgvWylX3lpt__W6dtJf9QcweC0NSiaCHcGVAmphMKAhy2e-9pudrhxcx0LJrh-uR_oh8doeidehzpi30n-kVU</recordid><startdate>201104</startdate><enddate>201104</enddate><creator>PUCKETT, ANDY</creator><creator>YAN, XUEMIN (STERLING)</creator><general>Blackwell Publishing Inc</general><general>Wiley Subscription Services</general><general>Blackwell Publishers Inc</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>201104</creationdate><title>The Interim Trading Skills of Institutional Investors</title><author>PUCKETT, ANDY ; YAN, XUEMIN (STERLING)</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c4973-afd2a6021bbc71083f30be6767b79b8b793139278b515370132ffd59c196761a3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2011</creationdate><topic>Abnormal returns</topic><topic>Brokers</topic><topic>Common stock</topic><topic>Fund management</topic><topic>Growth stocks</topic><topic>Institutional investments</topic><topic>Investment planning</topic><topic>Investment policy</topic><topic>Investment returns</topic><topic>Investment strategies</topic><topic>Investment trusts</topic><topic>Investors</topic><topic>Money management</topic><topic>Mutual funds</topic><topic>Portfolio management</topic><topic>Portfolio performance</topic><topic>Securities trading</topic><topic>Stock prices</topic><topic>Stock sales</topic><topic>Studies</topic><topic>Trade</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>PUCKETT, ANDY</creatorcontrib><creatorcontrib>YAN, XUEMIN (STERLING)</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>The Journal of finance (New York)</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>PUCKETT, ANDY</au><au>YAN, XUEMIN (STERLING)</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The Interim Trading Skills of Institutional Investors</atitle><jtitle>The Journal of finance (New York)</jtitle><date>2011-04</date><risdate>2011</risdate><volume>66</volume><issue>2</issue><spage>601</spage><epage>633</epage><pages>601-633</pages><issn>0022-1082</issn><eissn>1540-6261</eissn><coden>JLFIAN</coden><abstract>Using a large proprietary database of institutional trades, this paper examines the interim (intraquarter) trading skills of institutional investors. 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| ispartof | The Journal of finance (New York), 2011-04, Vol.66 (2), p.601-633 |
| issn | 0022-1082 1540-6261 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_1021120148 |
| source | JSTOR Archive Collection A-Z Listing; Wiley Online Library All Journals |
| subjects | Abnormal returns Brokers Common stock Fund management Growth stocks Institutional investments Investment planning Investment policy Investment returns Investment strategies Investment trusts Investors Money management Mutual funds Portfolio management Portfolio performance Securities trading Stock prices Stock sales Studies Trade |
| title | The Interim Trading Skills of Institutional Investors |
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