Eric Zitzewitz, assistant professor of economics at Stanford University’s Graduate School of Business, released findings of a study Thursday showing that late trading is more common than fund executives or regulators might have suspected, Reuters reports.

A summary of his study that appeared in New York Attorney General Eliot Spitzer’s case against Canary Capital Partners indicates the practice might cost $4 billion a year. Zitzewitz told Reuters that at least $400 million of this is at the direct expense of average investors.

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