Creator of Knowledge
Information Resources Management Association
Advancing the Concepts & Practices of Information Resources Management in Modern Organizations

Noise Trader

Noise Trader
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Author(s): Po-Keng Cheng (State University of New York, Stony Brook University, USA)
Copyright: 2018
Pages: 6
Source title: Encyclopedia of Information Science and Technology, Fourth Edition
Source Author(s)/Editor(s): Mehdi Khosrow-Pour, D.B.A. (Information Resources Management Association, USA)
DOI: 10.4018/978-1-5225-2255-3.ch006


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This paper briefly reviews the literature on the topics of noise traders in the financial market. We cover the no-trade theorem under complete and competitive markets in the 1980s, the noise trader approach to finance in the 1990s, and recent studies from several approaches related to noise traders, such as heterogeneous agent models, investor sentiment, retail investors, experimental analysis, and extrapolation. Understanding and tackling the issues resulted from noise traders would be essential for us to realize how financial and economic markets work.

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