We examine information, market impact and trade sizes using a data-set of institutional trades where approximately 1/4 of the orders are labeled as having been created for cash flow purposes. We find that during the execution the functional form and scale of market impact are similar for cash...

We investigate the role of execution quality in portfolio performance attribution. We show how conventional Transaction Cost Analysis (TCA) rewards behavioral trading practices that in some cases hurt rather than help portfolio performance. To align the incentives of the trading desk with...