@article {19350,
	title = {The Impact of Institutional Trading on Stock Prices},
	journal = {Journal of Financial Economics},
	volume = {32},
	number = {1},
	year = {1992},
	abstract = {This paper uses new data on the holdings of 769 tax-exempt (predominantly pension) funds. to evaluate the potential effect of their trading on stock prices. We address two aspects of trading by these money managers: herding, which refers to buying (selling) simultaneously the same stocks as other managers buy (sell), and positive-feedback trading, which refers to buying past winners and selling past losers. These two aspects of trading are commonly a part of the argument that institutions destabilize stock prices. The evidence suggests that pension managers do not strongly pursue these potentially destabilizing practices.
},
	author = {Josef Lakonishok and Andrei Shleifer and Robert W. Vishny}
}
