Abstract
This study finds that return on the NYSE largest-cap portfolio significantly increases following the shock to the percentage change in NYSE odd lot purchase volume. Based on the analysis of monthly data from 1970M2 to 2012M12, the results reveal a causal linkage between return on the NYSE largest-cap portfolio and the percentage change in NYSE odd lot purchase volume. The findings suggest that purchase trades placed by retail investors, on average, help drive up future prices of large-cap stocks.
Full Text 
Sign-in/Register to access full text options
Sign-in/Register to access full text options 
Published version (
Free)
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
