The Price Impact and Survival of Irrational Traders

Milton Friedman argued that irrational traders will consistently lose money, will not survive, and, therefore, cannot influence long-run asset prices. Since his work, survival and price impact have been assumed to be the same. In this paper, we demonstrate that survival and price impact are two inde...

Ausführliche Beschreibung

Gespeichert in:

Bibliographische Detailangaben
Veröffentlicht in:	The Journal of finance (New York) 2006-02, Vol.61 (1), p.195-229
Hauptverfasser:	KOGAN, LEONID, ROSS, STEPHEN A., WANG, JIANG, WESTERFIELD, MARK M.
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset valuation Consumption Dividends Economic growth rate Economic impact Economic uncertainty Financial economics Financial models Financial portfolios Investment policy Investors Irrationality Marginal utility Mathematical methods Portfolio management Pricing Statistical methods Stock exchange Stock prices Stock shares Stockbrokers Studies Wealth
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!

Schreiben Sie den ersten Kommentar!