Crowding Out and the Informativeness of Security Prices
发现，当投资者风险厌恶时，新投资者观察到信息会挤出原有投资者的交易，导致选择不同信号的投资者比例偏离价格信息含量最优的比例。
ABSTRACT Individual investors trade less agressively on any particular piece of information as more investors observe it. The trades of the new investors observing a piece of information “crowd out” some of the trades of the old investors who observe that same piece of information. This paper shows that when traders are risk averse, these crowding out effects lead the proportions of traders who choose to observe one signal versus another to differ from the proportions that maximize the informativeness of prices.