We have tested the applicability of this model to the bidding behavior
of mutual funds. The model was estimated symmetrically for IPFs did not
appear to learn from IIs. Moreover, IPF demand is relatively insensitive to
share prices, since it is presumably more motivated by attempting to
gain control of certain enterprises than by looking for the best bargains.
 That this model fits IPF demand relatively poorly (when compared to II
demand) would lend support to the hypothesis that IPFs have very different
 objectives than individual investors. <p>