| Article ID: | iaor201522720 |
| Volume: | 6 |
| Issue: | 2 |
| Start Page Number: | 93 |
| End Page Number: | 102 |
| Publication Date: | Jun 1983 |
| Journal: | Journal of Financial Research |
| Authors: | Van Horne James C, Heaton Hal B |
| Keywords: | inventory, government, information, behaviour, investment |
In this paper, the inventory positions of government security dealers are analyzed for signs of their superior information relative to other participants in the market. Testing the 1966–1980 period on a monthly basis, it does not appear that information on the maturity composition of dealers' positions can be used, either concurrently or when it becomes publicly available, to earn excess returns.