Anatomy of the trading process empirical evidence on the behavior of institutional traders
利用21家不同投资风格机构的股票交易数据，分析机构交易者的动机、交易持续时间及订单类型选择，检验理论模型预测并指出其不足。
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.