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Cited by 1,979

The DOI matches its Crossref record; 15 of the 15 references it cites were found in a registry or an index.

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

Open access
Odean, Terrance·1998·The Journal of Finance
DOI 10.1111/0022-1082.00078
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Abstract

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 depth, and decreases the expected utility of overconfident traders. Its effect on volatility and price quality depend on who is overconfident. Overconfident traders can cause markets to underreact to the information of rational traders. Markets also underreact to abstract, statistical, and highly relevant information, and they overreact to salient, anecdotal, and less relevant information.

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Registry

Crossref · 10.1111/0022-1082.00078

Cites

15 of 15 references verified0 citation errors · 0 not checkable

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Metadata

Authors
Odean, T.
Venue
The Journal of Finance
Publisher
Wiley
Published
1998-12
Volume
53
Issue
6
Pages
1887-1934
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/0022-1082.00078
OpenAlex
W3123792419
Cited by
1,979
References
15
FWCI
45.82
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Volume, Volatility, Price, and Profit When All Traders Are Above Average. https://app.cochat.ai/papers/10.1111/0022-1082.00078
The paper
Odean, T. (1998). Volume, Volatility, Price, and Profit When All Traders Are Above Average. The Journal of Finance. https://doi.org/10.1111/0022-1082.00078

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.