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Cited by 1,643

The DOI matches its Crossref record; 31 of the 31 references it cites were found in a registry or an index.

Differences of Opinion Make a Horse Race

Harris, Milton, Raviv, Artur·1993·Review of Financial Studies
DOI 10.1093/rfs/5.3.473
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Abstract

A model of trading in speculative markets is developed based on differences of opinion among traders. Our purpose is to explain some of the empirical regularities that have been documented concerning the relationship between volume and price and the time-series properties of price and volume. We assume that traders share common prior beliefs and receive common information but differ in the way in which they interpret this information. Some results are that absolute price changes and volume are positively correlated, consecutive price changes exhibit negative serial correlation, and volume is positively autocorrelated.

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Metadata

Authors
Harris, M., & Raviv, A.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
1993-07
Volume
6
Issue
3
Pages
473-506
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/5.3.473
OpenAlex
W2031796872
Cited by
1,643
References
31
FWCI
26.67
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Differences of Opinion Make a Horse Race. https://app.cochat.ai/papers/10.1093/rfs/5.3.473
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Harris, M., & Raviv, A. (1993). Differences of Opinion Make a Horse Race. Review of Financial Studies. https://doi.org/10.1093/rfs/5.3.473

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.