Smart Money, Noise Trading and Stock Price Behavior
收藏NBER1988-10-01 更新2025-01-04 收录
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https://www.nber.org/papers/t0071
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资源简介：
This paper derives and estimates an equilibrium model of stock price behavior in which exogenous "noise traders" interact with risk-averse "smart money" investors. The model assumes that changes in exponentially detrended dividends and prices are normally distributed, and that smart money investors
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美国国家经济研究局创建时间：
1988-10-01
