haku: @indexterm individual behaviour / yhteensä: 848
viite: 321 / 848
| Tekijä: | Kelly, M. |
| Otsikko: | Do Noise Traders Influence Stock Prices |
| Lehti: | Journal of Money, Credit and Banking
1997 : AUG, Vol. 29:3, p. 351-361 |
| Asiasana: | SHARE PRICES INVESTMENTS INDIVIDUAL BEHAVIOUR |
| Kieli: | eng |
| Tiivistelmä: | This paper tests a smart money-noise trader model directly by comparing its predictions with the behavior of actual investors. It assumes that individual probability of being a noise trader is diminishing in income: high-income households are smart money, lower-income households are noise traders, with passive investors in between. Market data behave as predicted: high participation by the general population is a negative predictor of one-year returns, and is associated with low participation by very high-income groups. The implications for the equity premium puzzle of the low returns earned by noise traders are discussed. |
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