informed trades vs non-informed trades.

A more plausible story is the following: if Black’s idea is correct

and the uncertainty in the fundamental value is large, then

the amount of information contained in any given trade is necessarily

small.

 

9 Furthermore, modern electronic markets are anonymous,

which makes it impossible to distinguish potentially informed

trades from non-informed trades. Hence, all trades are equivalent

and they must (statistically) equally impact on prices.

所有跟帖： 

• people are buying gold and they don't understand why they are bu -marketreflections- ♂ (3777 bytes) () 08/20/2011 postreply 16:51:42

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• Peters used Mandelbrot's fractal theory to study .... relativity -marketreflections- ♂ (3759 bytes) () 08/21/2011 postreply 21:20:06