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008200615t20202020oncd    ob   f000 0 eng d
040 |aCaOODSP|beng|erda|cCaOODSP
043 |an-cn---
0861 |aFB3-5/2020-20E-PDF
1001 |aGarriott, Corey, |eauthor.
24510|aTrading on long-term information / |cby Corey Garriott and Ryan Riordan.
264 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264 4|c©2020
300 |a1 online resource (iii, 54 pages) : |bgraphs (mostly colour).
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-20
500 |aCover title.
500 |a"Last updated: June 4, 2020."
504 |aIncludes bibliographical references (pages 33-35).
5203 |a"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.
650 0|aStocks|zCanada.
650 0|aInvestment analysis|zCanada.
650 0|aInsider trading in securities|zCanada.
650 6|aActions (Titres de société)|zCanada.
650 6|aAnalyse financière|zCanada.
650 6|aOpérations d'initié (Valeurs mobilières)|zCanada.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2020-20.|w(CaOODSP)9.806221
85640|qPDF|s688 KB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-20-eng.pdf