Identifying noise traders
Subtitle: the head-and-shoulders pattern in U.S. equities
By: C. L. Osler.
Contributors: Federal Reserve Bank of New York.
Series: Staff reports ;; no. 42; Staff reports (Federal Reserve Bank of New York : Online) ;; no. 42.
Publisher: Federal Reserve Bank of New York
Published: 1998
Place of publication: [New York, N.Y.]
Language: eng
Format: Electronic resource
Subjects: Investment analysis.; Stocks -- Prices.; Bonds -- Prices.
Description: "This paper identifies a specific set of agents as noise traders in U.S. equity markets, and examines their effects on returns.  These agents, who speculate using the "head-and-shoulders" chart pattern, are shown to qualify as noise traders because (1) trading volume is exceptionally high when they are active, and (2) their trading is unprofitable.  Head-and-shoulders sales lower prices and vice versa, effects that disappear within two weeks"--Federal Reserve Bank of New York web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 2/2/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.