This paper examines the investment allocation decisions of pension plans, endowments, foundations, and other institutional plan sponsors. The experience and education of plan sponsors and the environment (both regulatory and agency) of the institutional market suggests that institutional...

Liquidity plays a crucial role in financial exchange markets. Markets typically create liquidity through spatial consolidation with specialist/market makers matching orders arriving at different times. However, continuous trading systems have an inherent weakness in the potential for...

This study uncovers trading styles in the transaction records of US Treasury bond futures.It uses transaction-by-transaction data from the Commodity Futures Trading Commissions' (CFTC)Computerized Trade Reconstruction (CTR) records. The data set consists of 30 million transaction - thecomplete...