Performance of Institutional Trading Desks: An Analysis of Persistence in Trading Costs
作者： Amber Anand , Paul Irvine , Andy Puckett , Kumar Venkataraman
DOI: 10.1093/RFS/HHR110
关键词:
摘要: Using a proprietary dataset of institutional investors' equity transactions, we document that trading desks can sustain relative performance over adjacent periods. We find trading-desk skill is positively correlated with the institution's traded portfolio, suggesting institutions invest resources in developing execution abilities also generating superior investment ideas. Although some brokers deliver better executions consistently time, our analysis suggests not limited to selection brokers. conclude trade implementation process economically important and contribute portfolio performance. The Author 2011. Published by Oxford University Press on behalf Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Press.
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