We document strong positive correlation between changes in institutional ownership and
returns measured over the same period. The result suggests that either institutional investors …

Institutional investors' demand for a security this quarter is positively correlated with their
demand for the security last quarter. We attribute this to institutional investors following each …

Although the relation between quarterly changes in institutional investor ownership and
contemporaneous stock returns is well documented, the source of the relation remains unclear …

Recent studies document a strong positive relation between quarterly and annual changes
in institutional ownership and returns measured over the same period. The source of this …

A growing literature evaluates the relation between lag returns and demand by institutional
investors. Given that lag returns and institutional ownership are directly observable, it is …

We investigate whether institutional investors “vote with their feet” when dissatisfied with a
firm's management by examining changes in equity ownership around forced CEO turnover. …

Although institutional investors have a preference for large capitalization stocks, over time
they have shifted their preferences toward smaller, riskier securities. These changes in …

We propose and test the hypothesis that trading by institutional investors contributes to
serial correlation in daily returns. Our results demonstrate that NYSE particles and individual …

We examine whether institutional investors follow each other into and out of the same industries.
Our empirical results reveal strong evidence of institutional industry herding. The cross-…

This article evaluates the tax‐loss‐selling hypothesis against the window‐dressing
hypothesis as explanations for turn‐of‐the‐year anomalies. We examine differences between …