NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Informed Trading, Liquidity Provision, and Stock Selection by Mutual Funds

Zhi Da, Pengjie Gao, Ravi Jagannathan

NBER Working Paper No. 14609
Issued in December 2008

---- Acknowledgements -----

We thank Robert Battalio, Jonathan Berk, Roger Edelen, Craig Holden, Paul Irvine, Tim Loughran, Rick Mendenhall, David Musto, Lubos Pástor, Christine Parlour, Paul Schultz, Clemens Sialm, Laura Starks, Sheridan Titman, Charles Trzcinka, Lance Young and seminar participants at Northwestern University, IU/ND/Purdue Finance Symposium, University of Illinois at Urbana-Champaign, University of Michigan, Barclays Global Investors, Tilburg University, the 4th Vienna Symposium on Asset Management, FRA 2007 Annual Meeting, NBER Asset Pricing Meeting, the Western Finance Association 2008 Annual Meeting for comments. Some of the results in the paper appeared in "When does a mutual fund's trade reveal its skill?" (NBER WP# WP13625) by the same authors. Patricia Andersen provides excellent editorial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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