When Overconfident Traders Meet Feedback Traders
نویسندگان
چکیده
منابع مشابه
Informed Traders
An asymmetric information model is introduced for the situation in which there is a small agent who is more susceptible to the flow of information in the market than the general market participant, and who tries to implement strategies based on the additional information. In this model market participants have access to a stream of noisy information concerning the future return of an asset, whe...
متن کاملDo retail traders suffer from high frequency traders?
Using a change in regulatory fees in Canada in April 2012 that affected algorithmic quoting activities, we analyze the impact of high frequency quoting and trading on market quality, trader behavior, and trading costs and profits. Following the change, algorithmic message traffic, i.e. the number of orders, trades, and order cancellations, dropped by 30% and the bid-ask spread rose by 9%. Using...
متن کاملCooperation Policies for Traders
[NiGo94] Y. Ni and A. Goscinski. Trader cooperation to enable object sharing among users of homogeneous distributed systems. been described in section 3 are applied. This means answering the questions of the introduction either by the system administrator or automatically. In a next step, cost and security aspects will be included. To prepare this, cost have already been included in the general...
متن کاملZero-Knowledge Traders
We provide simple general-purpose rules for agents to buy inputs, sell outputs and set production rates. The agents proceed by trial and error using PID controllers to adapt to past mistakes. These rules are computationally inexpensive, use little memory and have zero-knowledge of the outside world. We place these zero-knowledge agents in a monopolist and a competitive market where they achieve...
متن کاملAre Institutions Momentum Traders?
This paper examines institutional trading in momentum portfolios. The key result is that institutions engage in momentum trading over the subsequent 3 quarters, buying winners and selling losers, in response to past returns but not past earnings news. Momentum trading is strengthened, however, when returns are accompanied by earnings news of the same sign. While past high returns predict future...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1833436