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 Jennifer Carpenter, Jia Chen, Bryan Kelly, Alexander Ljunqvist, Roger Loh, Jialin Yu, and audience members at ABFER, Brigham Young University, Brown, Cheung Kong GSB, CICF, EFA, Hong Kong University, HKUST, INSEAD, NYU, the SEC, SUNY Binghamton, University of Rochester, 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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