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| Tekijä: | Brown, G. |
| Otsikko: | Volatility, sentiment, and noise traders |
| Lehti: | Financial Analysts' Journal
1999 : MAR/APR, VOL. 55:2, p. 82-90 |
| Asiasana: | FINANCE VOLATILITY INVESTORS |
| Kieli: | eng |
| Tiivistelmä: | the most basic implicator of noise-trader theory is that irrational investors acting coherently on a noisy signal can cause systematic risk. If noise traders affect prices, the noisy signal is sentiment, and the risk they cause is volatility, then sentiment should be correlated with volatility. This article shows that, in fact, unusual levels of individual investor sentiment are associated with greater volatility of closed-end investment funds. |
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