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Smart Money, Noise Trading and Stock Price Behavior

Market Clearing with Noise Trading, For the smart money investor's optimization
problem described above to be part of a general equilibrium, it is merely
necessary to specify an exogenous noise trading process such that noise traders
each period sell what smart money investors buy, and smart money investors and
noise traders together hold the aggregate outstanding supply of stock. To do this
let us assume that the number of smart money investors and the number of noise
traders ...