The World Distribution of Income: Falling Poverty and ... Convergence, Period
Top Cited Papers
- 1 May 2006
- journal article
- research article
- Published by Oxford University Press (OUP) in The Quarterly Journal of Economics
- Vol. 121 (2) , 351-397
- https://doi.org/10.1162/qjec.2006.121.2.351
Abstract
We present a theory of excess stock market volatility, in which market movements are due to trades by very large institutional investors in relatively illiquid markets. Such trades generate significant spikes in returns and volume, even in the absence of important news about fundamentals. We derive the optimal trading behavior of these investors, which allows us to provide a unified explanation for apparently disconnected empirical regularities in returns, trading volume and investor size.This publication has 26 references indexed in Scilit:
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