positive feedback-trading

基本解釋

This paper models the impact of two kinds of noise traders(sentiment investor and positive feedback trader) on the first-day trading price of IPOs.
構建數學模型分析IPO市場中的噪聲交易者（狂熱投資者和正向反饋交易者）對新股首日交易價格的影響。
It is the positive feedback trading and self-reinforcing mechanism, which enforced the expectations normalized speed and degree. So the liquidity black hole appears.
正是這種正反饋的交易機制，自我增強了預期歸一化的速度與程度，導致流動性黑洞的出現。
The paper finds that there is a positive feedback trading, showing herding behavior between institutional investors, and also the short-time trading exhibits a characteristic of momentum investing.
發(fā)現在我國機構投資者的投資存在著以正反饋交易為代表羊群效應特征，并且在短期交易還有一定的慣性特征。