We show in a model of over-the-counter trading that customers in equilibrium may choose to
contact very few dealers to incentivize maximum liquidity provision—“less is more.” This …

We analyze the relation between transaction costs and venue choice using proprietary
transaction-level data from institutional trade executions in the UK equity market. We show …

Combining novel data on analyst employment history and mutual fund commission
payments, we show that client funds generate higher returns on stocks for which they have …

We examine whether the strategic response to short selling by other informed investors
decelerates the incorporation of positive information. We find a sizeable reduction of positive …

We investigate a market with a normal-speed informed trader (IT) who may employ mixed
strategy and multiple anticipatory high-frequency traders (HFTs) who are under different …

My dissertation consists of three chapters, each of which focuses on how institutional
investors trade, impact price efficiency in secondary financial markets and influence the …