This paper examines the impact of institutional trades on volatility in international stocks across 43 countries. There is a temporary volatility spike during the trade execution period, merely reflecting the price impact costs faced by the institutions. Cross sectional regressions suggest that...

This study characterizes institutional trading in international stocks from 37 countries during 1997 to 1998 and 2001. We find that the underlying market condition is a major determinant of the price impact and, more importantly, of the asymmetry between price impacts of institutional buy and...

This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level...

We address two important themes associated with institutions’ trading in foreign markets: (1) the choice of trading venues (between a company’s listing in its home market and that in the U.S. as an ADR); and (2) the comparison of trading costs across the two venues. To do so, we identify...

We address two important themes associated with institutions’ trading in foreignmarkets: (1) the choice of trading venues (between a company’s listing in its home market and that in theUnited States as anAmerican Depositary Receipt [ADR]) and (2) the comparison of trading costs across the...

This study characterizes institutional trading in international stocks from 37 countries during 1997 to 1998 and 2001. We find that the underlying market condition is a major determinant of the price impact and, more importantly, of the asymmetry between price impacts of institutional buy and...