Neoclassical finance, behavioral finance and noise traders: A review and assessment of the literature
作者: Vikash RamiahXiaoming XuImad A. Moosa
作者单位: 1School of Commerce, University of South Australia, 37-44 North Terrace, Adelaide, South Australia, 5000, Australia
2Beijing Technology and Business University, Lab Center of Business and Law, Liang-Xiang-Gao-Jiao-Yuan-Qu, Fang-Shan Dist, Beijing, P.R. China, 102488
3School of Economics, Finance and Marketing, RMIT University, 445 Swanston Street, Melbourne, Victoria, 3000, Australia
刊名: International Review of Financial Analysis, 2015, Vol.41 , pp.89-100
来源数据库: Elsevier Journal
DOI: 10.1016/j.irfa.2015.05.021
关键词: Behavioral financeEMHNoise trader riskMarket anomalies
原始语种摘要: Abstract(#br)While mainstream neoclassical finance ignores the role played by noise traders, a significant amount of empirical evidence is available to show that noise traders are active market participants and that their participation gives rise to market anomalies. Unlike neoclassical finance, behavioral finance allows for market inefficiency on the grounds that market participants are subject to common human errors that arise from heuristics and biases. In this paper we review the literature on the behavior of noise traders and analyze the consequences of their presence in the market, starting with a distinction between neoclassical finance and behavioral finance. We identify the market anomalies that provide evidence for the tendency of markets to trade at irrational levels,...
全文获取路径: Elsevier  (合作)

  • finance 金融
  • market 市场
  • trader 贸易商
  • review 复审
  • noise 噪声
  • inefficiency 低效率
  • trading 贸易
  • empirical 经验的
  • literature 文献
  • evidence