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The timing of stock trades can be as important as the choice of equities to buy or sell. When trading volume is low, large purchases can drive up a stock鈥檚 price, raising costs for the trader. A working paper from the National Bureau of Economic Research by Associate Professor of Finance Ruslan Goyenko finds that returns associated with trade timing are substantial鈥攖hey can impact returns as much as stock selection itself. For hedge funds, the findings are particularly relevant, writes Jonathan Levin for Bloomberg, as predicting trade volume can be just as crucial as forecasting equity prices.