Student or educator? Sign up with your school email and get 6 months of Pro free.
CoChat
Sign Up
Cited by 274

The DOI matches its Crossref record; 16 of the 16 references it cites were found in a registry or an index.

Volatility, Sentiment, and Noise Traders

Brown, Gregory W.·1999·Financial Analysts Journal
DOI 10.2469/faj.v55.n2.2263
Open this paper in CoChat — free account

Abstract

The most basic implication of noise-trader theory is that irrational investors acting coherently on a noisy signal can cause systematic risk. If noise traders affect prices, the noisy signal is sentiment, and the risk they cause is volatility, then sentiment should be correlated with volatility. This article shows that, in fact, unusual levels of individual investor sentiment are associated with greater volatility of closed-end investment funds. Furthermore, this volatility occurs only when the market is open and is associated with heightened trading activity. It persists after controlling for marketwide volatility and changes in fund discounts.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.2469/faj.v55.n2.2263

Cites

16 of 16 references verified0 citation errors · 0 not checkable

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cites

Show all 16 references

Cited by

See all 274

Metadata

Authors
Brown, G. W.
Venue
Financial Analysts Journal
Publisher
Informa UK Limited
Published
1999-03
Volume
55
Issue
2
Pages
82-90
ISSN
  • 0015-198X (ISSN-L)
  • 1938-3312
DOI
10.2469/faj.v55.n2.2263
OpenAlex
W1916870193
Cited by
274
References
16
FWCI
3.42
Type
journal article
Language
en
Open access
closed

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

How to cite

Cite CoChat for the checks on this page, and the paper for its own findings.

This page
CoChat. (2026). Citation check: Volatility, Sentiment, and Noise Traders. https://app.cochat.ai/papers/10.2469/faj.v55.n2.2263
The paper
Brown, G. W. (1999). Volatility, Sentiment, and Noise Traders. Financial Analysts Journal. https://doi.org/10.2469/faj.v55.n2.2263

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.