Market participants involve individual retail investors, institutional investors such as mutual funds, banks, insurance companies and hedge funds, and also Openly traded corporations trading in their own shares. Some studies have suggested that institutional investors and corporations trading in their own shares generally receive higher risk-adjusted returns than retail investors.
There is a lot of work that needs to be done in order to understand this ... Zechner (1989), Leland (1994, 1998), Leland and Toft (1996), Goldstein, Ju, and ...