search query: @author Dow, J. / total: 6
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| Author: | Dow, J. Gorton, G. |
| Title: | Noise trading, delegated portfolio management, and economic welfare |
| Journal: | Journal of Political Economy
1997 : OCT, VOL. 105:5, p. 1024-1050 |
| Index terms: | POLITICAL ECONOMY NOISE TRADE |
| Language: | eng |
| Abstract: | The authors consider a model of the stock market with delegated portfolio management. Managers try, but sometimes fail, to discover profitable trading opportunities. Although it is best not to trade in this case,their clients cannot distinguish "actively doing nothing", in this sense, from "simply doing nothing". Because of this problem, some portfolio managers trade even though they have no reason to prefer one asset to another (noise trade). |
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