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Do different institutional investors possess different sets of information? The extent to which different institutional investors offer different information to individual/naive investors remains an interesting question in information poor emerging stock markets. Using a comprehensive data of institutional investors' trades from the Casablanca Stock Exchange, we find that foreign institutions have the least information and financial institutions have the most information in their buy trades. The paper also provides evidence that financial institutions have the least information in their sell trades. Our results have implications for individual/naive investors in the way that they can infer valuable information from financial institutions' buy trades and foreign institutions' as well as politically-connected institutions' sell trades.

Can Individual/Naive Investors Infer Valuable Information from Institutional Investors' Trades? Evidence from the Casablanca Stock Exchange