A Model of Competitive Stock Trading Volume
构建了一个竞争性股票交易模型，投资者因信息和私人投资机会不同而进行信息性和非信息性交易，发现交易量与价格和股利的绝对变化正相关，且两类交易对交易量与收益的动态关系影响不同。
A model of competitive stock trading is developed in which investors are heterogeneous in their information and private investment opportunities and rationally trade for both informational and noninformational motives. The author examines the link between the nature of heterogeneity among investors and the behavior of trading volume and its relation to price dynamics. It is found that volume is positively correlated with absolute changes in prices and dividends. The author shows that informational trading and noninformational trading lead to different dynamic relations between trading volume and stock returns. Copyright 1994 by University of Chicago Press.