Research Paper Discussion | Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors
- May 23, 2026
- 11:00 am to 12:30 pm IST
- Zoom (Link will be shared after registration)
Join us in our monthly Zoom webinar series – “Research Paper Discussion”, where we’ll dissect influential research papers on capital markets!
Following our first discussion on Ellis’s The Loser’s Game, we want to move the needle toward behavioral finance for our next session. We will be dissecting the 2019 paper “Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors” by Akepanidtaworn, Di Mascio, Itzhak, Post, and Schmidt.
About the Paper
While most research focuses on how managers buy stocks, this paper uncovers a startling asymmetry: institutional investors demonstrate significant skill in their buying decisions but sub-par performance in their selling. The authors find that while buying is typically a slow, research-driven process, selling is often a “fast” heuristic-based activity triggered by extreme returns, leading to substantial opportunity costs.
Importance for the Indian Context
In the Indian market, where alpha is increasingly hard to generate, this paper highlights that “selling” is often the forgotten half of the investment process. It provides a data-driven framework for practitioners to audit their own exit strategies and move away from instinctive, return-based selling toward the same rigorous, fundamental-based approach used for acquisitions.
Event Details:
Date: 23rd May 2026
Time: 11:00 AM
Platform: Zoom (Link will be shared after registration)
It’ll be an open discussion, moderated by CFA Society India volunteers.
We kindly request that you read the paper before joining the call
Click the link below to access the paper:
Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors
Registration Details:
CFA Society India Member: FREE
Kshitiz Jain, CFA, FRM
Co-Chair, Research and Advocacy Committee | CFA Society India
Kshitiz Jain is an accomplished Treasury and Investment leader with over 14 years of experience across banking, corporate treasury, and wealth management. He was last working as Senior Vice President at Shriram Overseas Investments Limited (Shriram Finance Limited), where he was leading the strategic setup and RBI application process for their Primary Dealership entity.
His previous roles include serving as Co-Founder and Head of Investment Strategy at CAGRfunds, where he scaled an institutional-grade equity advisory practice, and Senior Associate Director of Treasury at CTBC Bank, where he was instrumental in setting up the India Treasury business. He also spent nearly five years at ICICI Bank managing large-scale Indian Rates and G-sec desks.
He has a PGDM from IIM Bangalore and a B. Tech degree from IIT Roorkee. He is also a CFA Charter holder and Financial Risk Manager (FRM).
As a dedicated volunteer for CFA Society India, Kshitiz serves as Co-Chair of the Research and Advocacy Committee, where he regularly engages with regulators for policy advocacy. He is also the Deputy Director of the IIM Bangalore Alumni Association (Mumbai Chapter).