Abstract
It is generally agreed that most institutional investors can do better and earn more than individual investors. According to Kojima [2007] and Chemmanur et al. [2009], institutional investors can utilize private information so that they have the ability to steer clear of the worst-performing firms. Field and Lowry [2009] and Barber and Odean [2008] also recognize this, suggesting that different ways of using the same available public information can contribute to the primary difference between institutional and individual investors.