Momentum Trading by Institutions
We document the equity trading practices of approximately 1,200 institutions from the third quarter of 1987 through the third quarter of 1995. We decompose trading by institutions into the initiation of new positions (entry), the termination of previous positions (exit), and adjustments to ongoing h...
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| Veröffentlicht in: | The Journal of finance (New York) 2002-12, Vol.57 (6), p.2449-2478 |
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| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
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| container_end_page | 2478 |
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| container_issue | 6 |
| container_start_page | 2449 |
| container_title | The Journal of finance (New York) |
| container_volume | 57 |
| creator | Badrinath, S.G. Wahal, Sunil |
| description | We document the equity trading practices of approximately 1,200 institutions from the third quarter of 1987 through the third quarter of 1995. We decompose trading by institutions into the initiation of new positions (entry), the termination of previous positions (exit), and adjustments to ongoing holdings. Institutions act as momentum traders when they enter stocks but as contrarian traders when they exit or make adjustments to ongoing holdings. We find significant differences in trading practices among different types of institutions. |
| doi_str_mv | 10.1111/1540-6261.00502 |
| format | Article |
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We find significant differences in trading practices among different types of institutions.</description><subject>Contrarian investing</subject><subject>Economic theory</subject><subject>Equity</subject><subject>Financial investments</subject><subject>Financial portfolios</subject><subject>Financial securities</subject><subject>Institutional investments</subject><subject>Institutionalism</subject><subject>Investment advisors</subject><subject>Investment policy</subject><subject>Investment strategies</subject><subject>Market adjustment</subject><subject>Pension funds</subject><subject>Portfolio management</subject><subject>Price momentum</subject><subject>Rates of return</subject><subject>Securities trading</subject><subject>Security portfolios</subject><subject>Stocks</subject><subject>Studies</subject><subject>Trade</subject><issn>0022-1082</issn><issn>1540-6261</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2002</creationdate><recordtype>article</recordtype><recordid>eNqFkD1PwzAQhi0EEqUwszBETCxp_REn9ogKLUX9kFBRR8tJHOSSxMV2BP33JAR1YOGGO8n3vNbpAeAawRFqa4xoBMMYx2gEIYX4BAyOL6dgACHGIYIMn4ML53awK0oHIFiaStW-qYKNlbmu34L0EMxr57VvvDa1uwRnhSyduvqdQ_A6fdxMnsLFejaf3C9CSWmEw4ywOMEFYwnPkUzSnEcUFwVTEaeFZAqlNM8jxeMsSxOJJJWISl5kSsqUt40MwV3_796aj0Y5LyrtMlWWslamcQJhhiFhCJMWvf2D7kxj6_Y6gXiUYAg5aqFxD2XWOGdVIfZWV9IeBIKiEyY6PaLTI36EtYmoT3zqUh3-w8XzejrvYzd9bOe8sccYga0B0h0b9mvtvPo6rqV9F3FCEiq2q5kg28XLavKwFJR8AzMDg7Y</recordid><startdate>200212</startdate><enddate>200212</enddate><creator>Badrinath, S.G.</creator><creator>Wahal, Sunil</creator><general>Blackwell Publishing, Inc</general><general>Blackwell Publishers</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>200212</creationdate><title>Momentum Trading by Institutions</title><author>Badrinath, S.G. ; Wahal, Sunil</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-a5542-c38672f8879d1a7bd9452ff8e495fa8e1b5dd4e96ccb7a1a5a15a9fceaab9eaa3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2002</creationdate><topic>Contrarian investing</topic><topic>Economic theory</topic><topic>Equity</topic><topic>Financial investments</topic><topic>Financial portfolios</topic><topic>Financial securities</topic><topic>Institutional investments</topic><topic>Institutionalism</topic><topic>Investment advisors</topic><topic>Investment policy</topic><topic>Investment strategies</topic><topic>Market adjustment</topic><topic>Pension funds</topic><topic>Portfolio management</topic><topic>Price momentum</topic><topic>Rates of return</topic><topic>Securities trading</topic><topic>Security portfolios</topic><topic>Stocks</topic><topic>Studies</topic><topic>Trade</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Badrinath, S.G.</creatorcontrib><creatorcontrib>Wahal, Sunil</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>Badrinath, S.G.</au><au>Wahal, Sunil</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Momentum Trading by Institutions</atitle><jtitle>The Journal of finance (New York)</jtitle><date>2002-12</date><risdate>2002</risdate><volume>57</volume><issue>6</issue><spage>2449</spage><epage>2478</epage><pages>2449-2478</pages><issn>0022-1082</issn><eissn>1540-6261</eissn><coden>JLFIAN</coden><abstract>We document the equity trading practices of approximately 1,200 institutions from the third quarter of 1987 through the third quarter of 1995. We decompose trading by institutions into the initiation of new positions (entry), the termination of previous positions (exit), and adjustments to ongoing holdings. Institutions act as momentum traders when they enter stocks but as contrarian traders when they exit or make adjustments to ongoing holdings. We find significant differences in trading practices among different types of institutions.</abstract><cop>Boston, USA and Oxford, UK</cop><pub>Blackwell Publishing, Inc</pub><doi>10.1111/1540-6261.00502</doi><tpages>30</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0022-1082 |
| ispartof | The Journal of finance (New York), 2002-12, Vol.57 (6), p.2449-2478 |
| issn | 0022-1082 1540-6261 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_1282038123 |
| source | JSTOR Archive Collection A-Z Listing; Wiley Online Library All Journals |
| subjects | Contrarian investing Economic theory Equity Financial investments Financial portfolios Financial securities Institutional investments Institutionalism Investment advisors Investment policy Investment strategies Market adjustment Pension funds Portfolio management Price momentum Rates of return Securities trading Security portfolios Stocks Studies Trade |
| title | Momentum Trading by Institutions |
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