Herd on the Street: Informational Inefficiencies in a Market with Short-Term Speculation
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Standard models of informed speculation suggest that traders try to learn information that others do not have. This result implicitly relies on the assumption that speculators have long horizons, i.e, can hold the asset forever. By contrast, we show that if speculators have short horizons, they may
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美国国家经济研究局创建时间：
1990-02-01
