噪声交易者

噪声交易者与中国IPO真实首日收益研究

Study on Noise Traders and the Real Initial Returns of Initial Public Offerings in China

而后者则主要是为了证明噪声交易者的存在，是他们的非理性投资造成了IPO抑价之谜。

While the latter mainly want to prove the existence of noise traders whose irrational investment caused the mystery of IPO underpricing .

噪声交易者理论，尤其是DeLong等（1990）的噪声交易者风险模型在这些问题上具有较大的影响力。

The noise trader theory , especially the " noise trader risk " model of De Long et al ( 1990 ), has an impressive influence in this field .

构建数学模型分析IPO市场中的噪声交易者（狂热投资者和正向反馈交易者）对新股首日交易价格的影响。

This paper models the impact of two kinds of noise traders ( sentiment investor and positive feedback trader ) on the first-day trading price of IPOs .

BAPM将投资者被分为信息交易者和噪声交易者。

BAPM will investors are divided into the information traders and noise traders .

噪声交易者风险与BAPM在中国市场适用性研究

Research on the Applicability of Noise Trader Risk & BAPM in China Capital Market

本文将证券市场中的噪声交易者风险纳入证券定价中，利用市场交易者的指数效用函数建立了比传统CAPM模型更一般的证券定价模型，并对该模型进行了讨论。

Incorporating noise trader risk into security pricing and making use of exponential utility functions of market participants , this paper has developed and discussed more general . security pricing model than traditional CAPM .

本文着重从行为金融理论的噪声交易者行为假说及自我归因假说分析了了IPO折价的原因，并得出成功的投资者是那些在大多数投资者认识到他们的行为偏差之前采取行动的投资者的结论。

This paper analyzes the cause of IPO discount by studying the noise transaction action and self-evaluation hypothesis of action financial theories and comes to a conclusion that successful investors are those who take action before most investors recognize their behavior deviation .

信息交易者严格按CAPM行事，不会出现系统偏差；噪声交易者则不按CAPM行事，会犯各种认知偏差错误。

Informed traders to act strictly in accordance with CAPM that there is no systematic bias ; noise traders are not acting in accordance with CAPM will be guilty of a variety of cognitive bias error .

从而厘清了价值相关性研究与公允价值应用范围之间的关系。第三，引入噪声交易者，重新思考了Ohlson模型的构建。

Thus we can clear relationship between the value relevance research and the application scope of fair value the . Thirdly , through the introduction of noise trader , this paper rethinks the Ohlson models .

本文利用DSSW模型讨论了存在“老鼠仓”条件下，噪声交易者的收益变动，并得出相应的启示。

This paper utilizes DSSW model to discuss the change of returns of the noise traders in the condition of " mouse storehouse ", and puts forward corresponding enlightenments .

个体风险因子在解释噪声交易者行为中的应用

Application of Individual Risk Factor in the Explanation of Noise Trader

证券发行管制与噪声交易者的生存与繁荣

The Survival and Thriving of Noise Traders with Security Issue Regulatory

考虑噪声交易者风险的证券定价模型研究

Research on Security Pricing Model with Noise Trader Risk

结果表明，股票市场流动性的强弱是由股票市场上噪声交易者的市场情绪决定的。

The conclusion indicates that depth of stock market is created by the contagion mood of noise traders .

噪声交易者的存在是股票价格剧烈波动的原因之一。

The presence of noise traders is one of the reasons for the acute fluctuation of security price .

行为金融学利用噪声交易者会影响资产价格的观点能对该异象作出较为合理的解释。

Behavioral finance can give a rational explanation by the idea that noise trader will affect price of assets .

行为资产定价实证研究：中国股票市场噪声交易者风险测度

The Empirical Research of Behavioural Asset Pricing on The Chinese Stock Market : Measurement of The Noise Trader Risk

税率下调对两市的大盘波动性产生显著影响，刺激了“噪声交易者”，在短期内产生了噪声效应。

The market volatility is deeply influenced by reducing the stamp tax , it produced the noise effect by the noise trader .

本文结合噪声交易者、投资者情绪构建了一个理论模型作为研究的基础，并通过此模型将投资者情绪与市场流动性联系起来。

This thesis constructs a brief theoretical model with the investor sentiment , by which the sentiment is connected with the market liquidity .

同时用行为金融学理论与噪声交易者泡沫模型论证了资产价格确实存在泡沫化问题。

Meanwhile , with the behavioral finance theory and the noise trader model we demonstrate that the asset price bubble problem does exist .

金融系统复杂性的研究结果指出，股市交易存在两种类型交易者，即基本交易者和噪声交易者。

According to the research of financial system complexity , stock market has two kinds of possible transactors , main transactors and noisy transactors .

传统金融理论认为噪声交易者并不能在很大程度上影响价格，即噪声交易者在资产价格形成过程中的作用是无足轻重的。

Traditional financial theory holds that noise traders exert little effect on price , thus noise traders play all but no influence on the formation of asset price .

但这个模型中对噪声交易者情绪的白噪声假设却受到现实投资者行为和有关实证证据的严重挑战。

However , the assumption of this model that noise traders ' sentiment follows a white noise process is severely challenged by real investor behavior and related empirical evidences .

在微观层面，在投资者所占比例不同的情况下，随着噪声交易者比例的增大，市场的稳定性随之降低。

In a micro-scale , the proportion of different types of investors differs , and if the proportion of the noise investors rises , the stability of the market will fall .

但近年来金融市场中的种种异象和投资者的非理性实验都已经证实噪声交易者可以长期存在并对证券市场产生影响。

But in recent years , both the anomalies in security market and irrational tests on investors approved that noise traders actually have long and significant effects on the price of financial assets .

股市行为基本动因是基本交易者的动态变化所致，而股市波动的另一个原因则是噪声交易者动态行为。

The essential motive of action on stock market is caused by the dynamic change of main transactors , while the main reason of fluctuation on stock market is the dynamic action of noisy transactors .

考虑到噪声交易者理性能力不高，本文分析了噪声交易者基于价格预期表现的情绪强化学习过程和基于市场回报的情绪最优反应学习过程。

Given the noise traders are irrational agents , the two adaptive learning processes consist of reinforcement learning about sentiment based on price expectation performances and best reply learning about sentiment based on market returns .

而在非有效性市场中，许多非市场因素，如政策冲击、噪声交易者、内幕交易等和市场因素交织在一起，影响了股价的短期波动。

And in the effectiveness market , many non-market factors , such as policy shock , noise trader , insider trading , etc and market factors get together to influence short-term fluctuations in the stock market .

行为金融的非理性或有限理性假设，更加符合噪声交易者现实的投资行为特征，因此金融噪声交易理论也就成为了行为金融学的重要分支。

The irrationality and the finite rationality based on behavioral finance more accord with the practical investment behavior of the noise trader , thereby the noise trade theory has become a important ramification of the behavioral finance .