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Cited by 366

The DOI matches its Crossref record; 40 of the 40 references it cites were found in a registry or an index.

Presidential Address: Sophisticated Investors and Market Efficiency

STEIN, JEREMY C.·2009·The Journal of Finance
DOI 10.1111/j.1540-6261.2009.01472.x
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Abstract

Stock‐market trading is increasingly dominated by sophisticated professionals, as opposed to individual investors. Will this trend ultimately lead to greater market efficiency? I consider two complicating factors. The first is crowding—the fact that, for a wide range of “unanchored” strategies, an arbitrageur cannot know how many of his peers are simultaneously entering the same trade. The second is leverage—when an arbitrageur chooses a privately optimal leverage ratio, he may create a fire‐sale externality that raises the likelihood of a severe crash. In some cases, capital regulation may be helpful in dealing with the latter problem.

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Metadata

Authors
STEIN, J. C.
Venue
The Journal of Finance
Publisher
Wiley
Published
2009-07-16
Volume
64
Issue
4
Pages
1517-1548
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2009.01472.x
OpenAlex
W2130659611
Cited by
366
References
40
FWCI
41.46
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Presidential Address: Sophisticated Investors and Market Efficiency. https://app.cochat.ai/papers/10.1111/j.1540-6261.2009.01472.x
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STEIN, J. C. (2009). Presidential Address: Sophisticated Investors and Market Efficiency. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2009.01472.x

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.