ARTICLES
Agency Conflicts, Investment, and Asset Pricing
RUI ALBUQUERUE and NENG WANG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Heterogeneous Beliefs, Speculation, and the Equity Premium
ALEXANDER DAVID . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Which Money Is Smart? Mutual Fund Buys and Sells of Individual
and Institutional Investors
ANEEL KESWANI and DAVID STOLIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
Competition for Order Flow and Smart Order Routing Systems
THIERRY FOUCAULT and ALBERT J. MENKVELD . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
Information Asymmetry and Asset Prices: Evidence from
the China Foreign Share Discount
KALOK CHAN, ALBERT J. MENKVELD, and ZHISHU YANG . . . . . . . . . . . . . . . . . . . . 159
Ambiguity, Information Quality, and Asset Pricing
LARRY G. EPSTEIN and MARTIN SCHNEIDER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
Price Volatility and Investor Behavior in an Overlapping Generations
Model with Information Asymmetry
MASAHIRO WATANABE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229
Individual Investor Trading and Stock Returns
RON KANIEL, GIDEON SAAR, and SHERIDAN TITMAN . . . . . . . . . . . . . . . . . . . . . . . 273
The Demise of Investment Banking Partnerships: Theory
and Evidence
ALAN D. MORRISON and WILLIAM J. WILHELM, JR. . . . . . . . . . . . . . . . . . . . . . . . . 311
Downward-sloping Demand Curves, the Supply of Shares,
and the Collapse of Internet Stock Prices
PAUL SCHULTZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351
Information, Trading, and Product Market Interactions:
Cross-sectional Implications of Informed Trading
HEATHER E. TOOKES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379
The Long-Lasting Momentum in Weekly Returns
ROBERTO C. GUTIERREZ JR. and ERIC K. KELLEY . . . . . . . . . . . . . . . . . . . . . . . . . 415
IPO Pricing and Share Allocation: The Importance of Being Ignorant
C´ELINE GONDAT-LARRALDE and KEVIN R. JAMES . . . . . . . . . . . . . . . . . . . . . . . . . . 449