{"id":"https://openalex.org/W2476312641","doi":"https://doi.org/10.1093/0198292279.003.0006","title":"Positive Feedback Investment Strategies","display_name":"Positive Feedback Investment Strategies","publication_year":2000,"publication_date":"2000-03-09","ids":{"openalex":"https://openalex.org/W2476312641","doi":"https://doi.org/10.1093/0198292279.003.0006","mag":"2476312641"},"language":"en","primary_location":{"id":"doi:10.1093/0198292279.003.0006","doi":"https://doi.org/10.1093/0198292279.003.0006","is_oa":false,"landing_page_url":"https://doi.org/10.1093/0198292279.003.0006","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Inefficient Markets","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W4249692389","display_name":"Inefficient Markets"},"type":"book-chapter","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5110890240","display_name":"Andrei Shleifer","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Andrei Shleifer","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5110890240"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":8.9455,"has_fulltext":false,"cited_by_count":20,"citation_normalized_percentile":{"value":0.97342193,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":null,"issue":null,"first_page":"154","last_page":"174"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/feedback-trading","display_name":"feedback trading","score":0.7770000100135803},{"id":"https://openalex.org/keywords/noise-traders","display_name":"noise traders","score":0.6909999847412109},{"id":"https://openalex.org/keywords/arbitrageurs","display_name":"arbitrageurs","score":0.8880000114440918},{"id":"https://openalex.org/keywords/price-bubbles","display_name":"price bubbles","score":0.8410000205039978},{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.9779999852180481},{"id":"https://openalex.org/keywords/security-returns","display_name":"security returns","score":0.7770000100135803},{"id":"https://openalex.org/keywords/price-patterns","display_name":"price patterns","score":0.6800000071525574},{"id":"https://openalex.org/keywords/core-values","display_name":"core values","score":0.6399999856948853}],"concepts":[{"id":"https://openalex.org/C160623529","wikidata":"https://www.wikidata.org/wiki/Q273088","display_name":"Arbitrage","level":2,"score":0.8848356008529663},{"id":"https://openalex.org/C176777502","wikidata":"https://www.wikidata.org/wiki/Q4774623","display_name":"Anticipation (artificial intelligence)","level":2,"score":0.6958124041557312},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6136517524719238},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5385262966156006},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4735628366470337},{"id":"https://openalex.org/C96016098","wikidata":"https://www.wikidata.org/wiki/Q853949","display_name":"Rational expectations","level":2,"score":0.46288204193115234},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.44370871782302856},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4430532157421112},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.33724555373191833},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.17509961128234863},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.10728839039802551},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.05825972557067871},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.05635139346122742},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1093/0198292279.003.0006","doi":"https://doi.org/10.1093/0198292279.003.0006","is_oa":false,"landing_page_url":"https://doi.org/10.1093/0198292279.003.0006","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Inefficient Markets","raw_type":"book-chapter"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":179,"referenced_works":["https://openalex.org/W66483636","https://openalex.org/W78697956","https://openalex.org/W578772803","https://openalex.org/W643433185","https://openalex.org/W1484799109","https://openalex.org/W1496268815","https://openalex.org/W1499550068","https://openalex.org/W1500952623","https://openalex.org/W1506927806","https://openalex.org/W1530716202","https://openalex.org/W1531758582","https://openalex.org/W1540957701","https://openalex.org/W1561513404","https://openalex.org/W1573257242","https://openalex.org/W1604801388","https://openalex.org/W1632858629","https://openalex.org/W1883896725","https://openalex.org/W1967573006","https://openalex.org/W1967872601","https://openalex.org/W1969780827","https://openalex.org/W1974992581","https://openalex.org/W1975140694","https://openalex.org/W1977145788","https://openalex.org/W1980054641","https://openalex.org/W1982282982","https://openalex.org/W1984181068","https://openalex.org/W1991293146","https://openalex.org/W1991701984","https://openalex.org/W1992353585","https://openalex.org/W1992844684","https://openalex.org/W1995593202","https://openalex.org/W1995834279","https://openalex.org/W1999918735","https://openalex.org/W2000319916","https://openalex.org/W2001202328","https://openalex.org/W2002617706","https://openalex.org/W2003180600","https://openalex.org/W2010681793","https://openalex.org/W2010891591","https://openalex.org/W2011897245","https://openalex.org/W2012941523","https://openalex.org/W2015747671","https://openalex.org/W2015800048","https://openalex.org/W2019222975","https://openalex.org/W2026432916","https://openalex.org/W2028866810","https://openalex.org/W2029056003","https://openalex.org/W2033772453","https://openalex.org/W2034306329","https://openalex.org/W2037595890","https://openalex.org/W2038224101","https://openalex.org/W2038621549","https://openalex.org/W2040588075","https://openalex.org/W2042651651","https://openalex.org/W2043159917","https://openalex.org/W2043541271","https://openalex.org/W2044758379","https://openalex.org/W2050031929","https://openalex.org/W2050643653","https://openalex.org/W2052758069","https://openalex.org/W2060396581","https://openalex.org/W2060539744","https://openalex.org/W2061371720","https://openalex.org/W2062090301","https://openalex.org/W2062122835","https://openalex.org/W2064067537","https://openalex.org/W2064508349","https://openalex.org/W2070225810","https://openalex.org/W2070399597","https://openalex.org/W2071283390","https://openalex.org/W2074928461","https://openalex.org/W2085986682","https://openalex.org/W2088006783","https://openalex.org/W2088212546","https://openalex.org/W2088782463","https://openalex.org/W2089556049","https://openalex.org/W2090277731","https://openalex.org/W2090318031","https://openalex.org/W2090386647","https://openalex.org/W2090637028","https://openalex.org/W2092322244","https://openalex.org/W2093260403","https://openalex.org/W2093571522","https://openalex.org/W2094833625","https://openalex.org/W2096552260","https://openalex.org/W2096874528","https://openalex.org/W2097152068","https://openalex.org/W2097647271","https://openalex.org/W2099837005","https://openalex.org/W2101753425","https://openalex.org/W2103679355","https://openalex.org/W2103838917","https://openalex.org/W2106798814","https://openalex.org/W2109828486","https://openalex.org/W2111255674","https://openalex.org/W2113305199","https://openalex.org/W2117455041","https://openalex.org/W2118391173","https://openalex.org/W2123343520","https://openalex.org/W2124597406","https://openalex.org/W2125520394","https://openalex.org/W2126555709","https://openalex.org/W2127197478","https://openalex.org/W2128633294","https://openalex.org/W2129701097","https://openalex.org/W2131675768","https://openalex.org/W2132363418","https://openalex.org/W2132444912","https://openalex.org/W2133396489","https://openalex.org/W2134653421","https://openalex.org/W2135808032","https://openalex.org/W2136410162","https://openalex.org/W2139569437","https://openalex.org/W2142242808","https://openalex.org/W2144131031","https://openalex.org/W2144487825","https://openalex.org/W2146587342","https://openalex.org/W2148198877","https://openalex.org/W2148402268","https://openalex.org/W2151257144","https://openalex.org/W2151607905","https://openalex.org/W2154860111","https://openalex.org/W2163294447","https://openalex.org/W2164646550","https://openalex.org/W2166215547","https://openalex.org/W2168518429","https://openalex.org/W2168591193","https://openalex.org/W2174587010","https://openalex.org/W2219722162","https://openalex.org/W2223768511","https://openalex.org/W2319554241","https://openalex.org/W2323266160","https://openalex.org/W2324012769","https://openalex.org/W2496716543","https://openalex.org/W2570834760","https://openalex.org/W2606556653","https://openalex.org/W2727657178","https://openalex.org/W2889770947","https://openalex.org/W2890133369","https://openalex.org/W2890913069","https://openalex.org/W2891159187","https://openalex.org/W2892285611","https://openalex.org/W3011865677","https://openalex.org/W3021890151","https://openalex.org/W3023230189","https://openalex.org/W3023532572","https://openalex.org/W3094633476","https://openalex.org/W3097267636","https://openalex.org/W3121759882","https://openalex.org/W3121817797","https://openalex.org/W3122075419","https://openalex.org/W3122205006","https://openalex.org/W3122311863","https://openalex.org/W3122398539","https://openalex.org/W3122456044","https://openalex.org/W3122685622","https://openalex.org/W3122993843","https://openalex.org/W3123091495","https://openalex.org/W3123912718","https://openalex.org/W3124305668","https://openalex.org/W3125388642","https://openalex.org/W3125470132","https://openalex.org/W3125935778","https://openalex.org/W4206772236","https://openalex.org/W4210390549","https://openalex.org/W4229511720","https://openalex.org/W4229815463","https://openalex.org/W4230412795","https://openalex.org/W4231282061","https://openalex.org/W4231546411","https://openalex.org/W4239934782","https://openalex.org/W4240205250","https://openalex.org/W4240307802","https://openalex.org/W4241507899","https://openalex.org/W4243705210","https://openalex.org/W4247021123","https://openalex.org/W4251733784","https://openalex.org/W4292157289","https://openalex.org/W6602639892"],"related_works":["https://openalex.org/W2385527831","https://openalex.org/W4251338556","https://openalex.org/W2084046234","https://openalex.org/W7099436626","https://openalex.org/W3124305668","https://openalex.org/W3020860095","https://openalex.org/W2136719858","https://openalex.org/W7099071843","https://openalex.org/W2097152068","https://openalex.org/W2766310016"],"abstract_inverted_index":{"Abstract":[0],"Expands":[1],"the":[2,40,52,76],"idea":[3],"that":[4,61],"rational":[5],"arbitrage":[6],"not":[7],"only":[8],"may":[9,18],"be":[10],"limited":[11],"in":[12,39,62,64,68],"bringing":[13],"about":[14],"market":[15],"efficiency":[16],"but":[17],"actually":[19],"generate":[20],"price":[21,36,77],"bubbles":[22],"and":[23,57,59],"make":[24],"markets":[25],"less":[26],"efficient.":[27],"It":[28,49],"begins":[29],"by":[30],"presenting":[31],"an":[32],"alternative":[33],"view":[34],"of":[35,54,70],"patterns":[37],"observed":[38],"data":[41],"on":[42,46],"security":[43],"returns\u2014one":[44],"based":[45],"feedback":[47],"trading.":[48],"also":[50],"describes":[51],"interactions":[53],"noise":[55,71],"traders":[56],"arbitrageurs":[58,66],"shows":[60],"cases":[63],"which":[65],"trade":[67],"anticipation":[69],"trader":[72],"demand,":[73],"they":[74],"move":[75],"away":[78],"from":[79],"rather":[80],"than":[81],"towards":[82],"fundamental":[83],"values.":[84]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2012,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-08-23T00:00:00"}