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|c 5.00 USD
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|z 9781451854879
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Kramer, Charles.
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|a Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume /
|c Charles Kramer.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1994.
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|a 1 online resource (36 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The relationship of stock returns and trading volume is the focus of much recent interest. I examine an economic model of a rational trader who operates in a market with transactions costs and noise trading. The level of trading affects the rational trader's marginal cost of transacting; as a result, trading volume is a source of risk. This engenders an equilibrium relationship between returns and volume. The model also provides a simple way to scrutinize this relationship empirically. Empirical evidence supports the implications of the model.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1994/126
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1994/126/001.1994.issue-126-en.xml
|z IMF e-Library
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