NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Informed Trading and Expected Returns

James J. Choi, Li Jin, Hongjun Yan

NBER Working Paper No. 18680
Issued in January 2013

---- Acknowledgements -----

We thank seminar audience members at Cheung Kong GSB, Hong Kong University, HKUST, the University of Toronto, and Yale for their insightful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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