Herd on the Street: Informational Inefficiencies in a Market with Short-Term Speculation
发现，当投机者持有期短时，他们会模仿他人关注相同信息，甚至研究与基本面无关的信息，导致市场信息无效率。
Standard models of informed speculation suggest that traders try to learn information that others do not have.This result implicitly relies on the assumption that speculators have long horizons, i.e, can hold the asset forever.By contrast, we show that if speculators have short horizons, they may herd on the same information, trying to learn what other informed traders also know.There can be multiple herding equilibria, and herding speculators may even choose to study information that is completely unrelated to fundamentals.These equilibria are informationally inefficient.