The paper develops a methodology for estimating the intra-day probability of informed trading for NYSE stocks, implied by the specialist’s quotes and depths. The time series pattern of our measure (PROBINF) in an intra-day analysis around earnings announcements is consistent with previous...

type="main" xml:lang="en" <title type="main">Abstract</title> <p>We examine the reputational herding hypothesis and provide evidence that institutional investors' career concerns contribute to herding behavior. Our analysis is based on the intuition that stronger (weaker) career concerns lead to a higher (lower) propensity...</p>

Purpose The purpose of this paper is to explore the motivation behind mutual funds’ risk shifting behavior by examining its impact on fund performance, while jointly considering fund managers’ compensation incentives and career concerns. Design/methodology/approach The study uses a sample of...