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| Tekijä: | Hirshleifer, D. Subrahmanyam, A. Titman, S. |
| Otsikko: | Feedback and the success of irrational investors |
| Lehti: | Journal of Financial Economics
2006 : AUG, VOL. 81:2, p. 311-338 |
| Asiasana: | behavioural science investors psychology |
| Vapaa asiasana: | feedback irrational trading |
| Kieli: | eng |
| Tiivistelmä: | This study provides a model in which irrational investors trade based upon considerations that have no inherent connection to fundamentals. However, trading activity affects market prices, and because of feedback from security prices to cash flows, the irrational trades influence underlying cash flows. As a result, irrational investors can, in some situations, earn abnormal (i.e. risk-adjusted) profits that can exceed the abnormal profits of rational informed investors. |
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