00000nam 2200000zi 4500 9.888246 CaOODSP 20221107171932 m o d f cr |n||||||||| 200615t20202020oncd ob f000 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-5/2020-20E-PDF Garriott, Corey, author. Trading on long-term information / by Corey Garriott and Ryan Riordan. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2020. ©2020 1 online resource (iii, 54 pages) : graphs (mostly colour). text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2020-20 Cover title. "Last updated: June 4, 2020." Includes bibliographical references (pages 33-35). "Predatory trading discourages informed investors from gathering information and trading on it. However, using 11 years of equity trading data, we do not find evidence that informed investors are being discouraged. They have roughly constant volumes and profits through the sample. They are sophisticated, trading patiently over weeks and timing their trading to achieve negative price impacts, leaving price efficiency unchanged. We identify shorter-term traders and, in contrast to theory, find that they supply liquidity by trading in the opposite direction of the informed. Inefficient prices may be the result of informed investors' sophisticated trading and not of predatory short-term trading"--Abstract, page iii. Stocks Canada. Investment analysis Canada. Insider trading in securities Canada. Actions (Titres de société) Canada. Analyse financière Canada. Opérations d'initié (Valeurs mobilières) Canada. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 1701-9397 ; 2020-20. (CaOODSP)9.806221 PDF 688 KB https://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-20-eng.pdf