Amil Dasgupta, Andrea Prat, and Michela Verardo are at the London School of Economics. We thank Markus Brunnermeier, Gregory Connor, David Hirshleifer, Arvind Krishnamurthy, Antonio Mele, Stefan Nagel, Andrew Patton, Christopher Polk, Dimitri Vayanos, Avi Wohl, Motohiro Yogo, and audiences at Berkeley Haas, Birkbeck, Birmingham, Chicago GSB, Collegio Carlo Alberto, Columbia University, Duke Fuqua, the 2006 EFA meetings, Emory University Goizueta Business School, Georgetown, HEC, the 2006 ASAP conference, London School of Economics, Maryland, the 2006 NBER Behavioral Finance meetings, Northwestern, Norwegian School of Economics, NYU Stern, Pompeu Fabra, University of Rochester Simon Business School, SOAS Financial and Management Studies, Stanford, University of Amsterdam, University College London, University of Warwick, and Wharton for helpful comments and discussions. We are grateful to Campbell Harvey (the Editor), two anonymous referees, and an anonymous associate editor for many insightful comments and suggestions. Dasgupta thanks the EPSRC for financial support via Grant GR/S83975/01. An earlier draft of this paper was circulated with the title “The Price of Conformism.”
Institutional Trade Persistence and Long-Term Equity Returns
Version of Record online: 21 MAR 2011
© 2011 the American Finance Association
The Journal of Finance
Volume 66, Issue 2, pages 635–653, April 2011
How to Cite
DASGUPTA, A., PRAT, A. and VERARDO, M. (2011), Institutional Trade Persistence and Long-Term Equity Returns. The Journal of Finance, 66: 635–653. doi: 10.1111/j.1540-6261.2010.01644.x
- Issue online: 21 MAR 2011
- Version of Record online: 21 MAR 2011
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