How Investor Structure Influences the Yield, Information Dissemination Efficiency, and Liquidity

Table 2

Absolute yields under VPIN conditions when the proportion of informed investors is 5/6.

	0.0015	0.003	0.0045	0.006	0.0075	0.009	0.0105	>0.0105
0.0053	74.00%	18.00%	8.00%	0.00%	0.00%	0.00%	0.00%	0.00%
0.029766	74.00%	20.00%	6.00%	0.00%	0.00%	0.00%	0.00%	0.00%
0.049642	56.00%	28.00%	10.00%	4.00%	2.00%	0.00%	0.00%	0.00%
0.085005	64.00%	32.00%	2.00%	0.00%	2.00%	0.00%	0.00%	0.00%
0.142565	58.00%	12.00%	14.00%	10.00%	6.00%	0.00%	0.00%	0.00%
0.242377	44.00%	22.00%	16.00%	6.00%	8.00%	4.00%	0.00%	0.00%
0.304469	52.00%	24.00%	8.00%	10.00%	0.00%	2.00%	0.00%	4.00%
0.38123	40.00%	26.00%	12.00%	8.00%	4.00%	0.00%	2.00%	8.00%
0.516074	32.00%	22.33%	14.67%	11.67%	4.83%	4.83%	3.17%	6.50%
0.61289	30.55%	21.82%	15.45%	11.82%	5.09%	5.09%	3.09%	7.09%
0.645069	30.80%	21.60%	14.20%	12.40%	5.40%	5.40%	3.00%	7.20%
0.686656	30.67%	22.00%	14.67%	12.22%	5.33%	5.56%	3.33%	6.22%
0.703128	30.50%	21.50%	15.00%	12.25%	5.75%	5.75%	3.00%	6.25%
0.726787	30.57%	22.00%	15.43%	12.29%	4.86%	5.43%	3.14%	6.29%
0.751038	31.67%	20.00%	14.67%	12.33%	4.67%	6.33%	3.33%	7.00%
0.793769	30.80%	20.40%	15.20%	12.80%	4.80%	7.20%	2.40%	6.40%
0.819723	29.50%	21.00%	16.50%	13.50%	5.50%	6.00%	3.00%	5.00%
0.84226	30.00%	18.67%	17.33%	14.67%	5.33%	6.00%	3.33%	4.67%
0.854557	29.00%	16.00%	22.00%	14.00%	4.00%	7.00%	4.00%	4.00%
0.878799	24.00%	18.00%	30.00%	10.00%	6.00%	8.00%	2.00%	2.00%