Explain why the net buying conditional on previous day

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The following figures come from the paper "All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors" by Barber and Odean (RFS, 2008). Explain why the net buying conditional on previous day's return differ between individuals investors (Panel A) and institutional investors (Panel B)?

Panel A: individual investors Panel B: institutional investors

Reference no: EM133070307

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