We test how ownership breadth predicts stock returns. Using holdings data on a representative Shanghai Stock Exchange investor sample from 1996 to 2007, we find that cross-sectionally, high breadth change quintile stocks underperform low breadth change quintile stocks by 22 percent per year, a result driven by retail investor ownership breadth. This is consistent with breadth increases primaril...

The range of resources that a species uses (i.e. its niche breadth) might determine the geographical area it can occupy, but consensus on whether a niche breadth-range size relationship generally exists among species has been slow to emerge. The validity of this hypothesis is a key question in ecology in that it proposes a mechanism for commonness and rarity, and if true, may help predict speci...

INTRODUCTION An effective prophylactic vaccine against HIV will need to elicit antibody responses capable of recognizing and neutralizing rapidly evolving antigenic regions. The immunologic milieu associated with development of neutralizing antibody breadth remains to be fully defined. In this study, we sought to identify immunological signatures associated with neutralization breadth in HIV co...