investigating put up-trading overall performance we acquire a preliminary sign on no matter whether every single investortype's
buying and selling is based mostly on data instead than cognitive biases. Because we do not have entry
to portfolio holdings info a thorough evaluation of buyer group efficiency cannot be
implemented. Nevertheless, following the operate of Kamesaka et al. (2003), this examine employs day-to-day
purchase and sale flows to characterize the marketplace timing capacity of our buyer groups.
