Hsiu-Kwang Wu
January 1972
Journal of Financial & Quantitative Analysis;Jan1972, Vol. 7 Issue 1, p1321
Academic Journal
The purpose of this study is to investigate the trading activities of odd-lotters and their market impact. Odd-lotters are usually small investors who do not have the resources to trade on a round-lot basis. For instance, on the New York Stock Exchange the unit of trading, the round-lot, is usually 100 shares with the exception of a few inactive stocks. Therefore, the odd-lotters are more likely to be in the relatively lower income group and are generally less speculative and sophisticated than large investors, such as institutional investors. In view of the important role of small investors, the general interest in the stock market, and the availability of data, it is rather surprising that there has been so little rigorous and systematic study of odd-lot activities. In fact, there has been no major study since World War II.


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