1. To overcome the quarterly frequency limitation of US ownership disclosure, Sias, Starks, and Titman (2006) use monthly return data to make inferences about monthly changes in institutional ownership from quarterly institutional holdings. Campbell, Ramadorai, and Schwartz (2009) use intraday trading data to infer daily institutional trading and identify the best match to observed quarterly holdings data from 13-Fs;Kho Choe;While under SEC rules, institutional investors are required to disclose equity positions every quarter in 13-F filings, in other countries institutional ownership may be recorded almost in real time, such as in Finland (Grinblatt and Keloharju, 2000) and South Korea,1999