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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2013

Buyers Versus Sellers: Who Initiates Trades And When?

Tarun CHORDIA, Amit GOYAL, Narasimhan JEGADEESH
Models that examine investor’s motivations to trade often make opposite predictions about the relation between trading decisions and past returns. We find that, in the aggregate, both buyer- and seller-initiated trades increase with past returns. The difference between buyer- and seller-initiated ...
Keywords: Order imbalance, disposition effect, tax-loss selling
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