Volume , Volatility , Price , and Profit When All Traders Are Above Average

@inproceedings{Odean1997VolumeV,
  title={Volume , Volatility , Price , and Profit When All Traders Are Above Average},
  author={Terrance Odean},
  year={1997}
}
People are overconfident. Overconfidence affects financial markets. How depends on who in the market is overconfident and on how information is distributed. This paper examines markets in which price-taking traders, a strategic-trading insider, and risk-averse marketmakers are overconfident. Overconfidence increases expected trading volume, increases market… CONTINUE READING

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