Noise: Living and Trading in Electronic Finance.

摘要

In this brilliant study, Professor Alex Preda extends our understanding of the sociological significance of "noise trading," an important concept in financial economics advanced by Fischer Black in the 1980s. Black's term was used to describe the activities of a large mass of retail traders who typically lacked access to reliable information and depended instead on uncertain data to guide their speculative activities. In spite of such limitations, Black believed noise traders were essential because they provided liquidity to the market and thus facilitated its basic price discovery function. What was puzzling was the persistence of noise trading in spite of its poor record of profitable transacting, and the disadvantages the noise traders experienced in competing with the better informed and financed traders working at the larger financial houses.