The article explores how different types of investors, like households and financial institutions, impact financial markets. Researchers study how these investors differ in resources, risk attitudes, and market knowledge. They find that institutional investors often trade to correct market anomalies, while households may contribute to market noise. By analyzing trading data, they show that large trades are typically made by institutions, while smaller trades are more likely from individual investors. This research sheds light on how different investors influence asset pricing in financial markets.