NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Granular Nature of Large Institutional Investors

Itzhak Ben-David, Francesco Franzoni, Rabih Moussawi, John Sedunov

NBER Working Paper No. 22247
Issued in May 2016, Revised in December 2017

---- Acknowledgments ----

Special acknowledgments go to Robin Greenwood and David Thesmar for thoughtful and extensive comments. We also thank Sergey Chernenko, Kent Daniel (NBER discussant), Itamar Drechsler, Thierry Foucault, Xavier Gabaix, Denis Gromb, Andrew Karolyi, Alberto Plazzi, Tarun Ramadorai (AFA discussant), Martin Schmalz, René Stulz, and Fabio Trojani as well as participants at the NBER Summer Institute (Risk of Financial Institutions) and seminars at Cornell University, the Interdisciplinary Center Herzliya, University of Texas at Austin, Georgia State University, Tilburg University, Maastricht University, HEC Paris, USI Lugano, Villanova University, The Ohio State University, the Bank for International Settlements, NBER Risk of Financial Institutions Summer Institute, and American Finance Association for helpful 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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