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Cited by 529

The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.

The Survival of Noise Traders in Financial Markets

Open access
De Long, J. Bradford, Shleifer, Andrei, Summers, Lawrence, Waldmann, Robert·1988·National Bureau of Economic Research
DOI 10.3386/w2715
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Abstract

The authors present a model of portfolio allocation by noise traders with incorrect expectations about return variances. For such misperceptions, noise traders who do not affect prices can earn higher expected returns than rational investors with similar risk aversion. Moreover, such noise traders can come to dominate the market in that the probability that they eventually have a high share of total wealth is close to one. Noise traders come to dominate despite their taking of excessive risk and their higher consumption. The authors conclude that the case against their long-run viability is not as clear-cut as is commonly supposed.

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Metadata

Authors
De Long, J. B., Shleifer, A., Summers, L., & Waldmann, R.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
1988-09
DOI
10.3386/w2715
OpenAlex
W3023063214
Cited by
529
References
2
Type
report
Language
en
Open access
green

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CoChat. (2026). Citation check: The Survival of Noise Traders in Financial Markets. https://app.cochat.ai/papers/10.3386/w2715
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De Long, J. B., Shleifer, A., Summers, L., & Waldmann, R. (1988). The Survival of Noise Traders in Financial Markets. National Bureau of Economic Research. https://doi.org/10.3386/w2715

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.