The DOI matches its Crossref record.
Anatomy of the trading process empirical evidence on the behavior of institutional traders
Open accessAbstract
This paper examines the behavior of institutional traders. We use unique data on the equity transactions of 21 institutions of differing investment styles which provide a detailed account of the anatomy of the trading process. The data include information on the number of days needed to fill an order and types of order placement strategies employed. We analyze the motivations for trade, the determinants of trade duration, and the choice of order type. The analysis provides some support for the predictions made by theoretical models, but suggests that these models fail to capture important dimensions of trading behavior.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Barber, B. M., & Odean, T. (2008) · Review of Financial Studies · doi:10.1093/rfs/hhm079 · Cited by 4,556
The illusory nature of momentum profits
Lesmond, D. A., Schill, M. J., & Zhou, C. (2004) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00206-x · Cited by 657
The “make or take” decision in an electronic market: Evidence on the evolution of liquidity
Bloomfield, R., O’Hara, M., & Saar, G. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.07.001 · Cited by 482
Delayed Reaction to Good News and the Cross‐Autocorrelation of Portfolio Returns
MCQUEEN, G., PINEGAR, M., & THORLEY, S. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb02711.x · Cited by 274
Metadata
- Authors
- Keim, D. B., & Madhavan, A.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 1995-03
- Volume
- 37
- Issue
- 3
- Pages
- 371-398
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W2081840714
- Cited by
- 435
- References
- 0
- FWCI
- 11.39
- Type
- journal article
- Language
- en
- Open access
- hybrid
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Anatomy of the trading process empirical evidence on the behavior of institutional traders. https://app.cochat.ai/papers/10.1016/0304-405x(94)00799-7
- The paper
- Keim, D. B., & Madhavan, A. (1995). Anatomy of the trading process empirical evidence on the behavior of institutional traders. Journal of Financial Economics. https://doi.org/10.1016/0304-405x(94)00799-7
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
