...rs),他们通过风险收益模型对股票合理定价,以资产约束下以期望收入最大化为策略目标;另一类是反馈交易者(feedback traders),他们交易的基础并不是证券的内在价值,而是价格和收益的变化,表现为高抛低吸的负反馈交易者和追涨杀跌的正反馈交易者。
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噪声交易者的正向反馈作用容易导致IPO市场效率的恶性循环。
The positive feedback characteristic of noise traders would lead to the vicious circle of IPO market efficiency.
证券交易所以微秒(百万分之一秒)来处理交易,也需要提高速度使交易者收集的市场数据能快速反馈到算法中。
Exchanges are required to process trades in microseconds (millionths of a second). They also need to increase the speed with which traders receive market data to feed into their algorithms.
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