Antinoise in U.S. equity markets
研究发现美国股市中不到1%的回报可预测，长期中触发行为偏差的信号间低相关性产生抗噪声，抑制了回报的显著模式，但短期相关性飙升伴随市场波动，表明危机时偏差更明显。
There are many well documented behavioral biases in financial markets. Yet, analyzing U.S. equities reveals that less than 1% of returns are predictable in recent years. Given the high number of biases, why are returns not more predictable? We provide new evidence in support of one possible explanation. In the long-run, low correlations across signals that trigger biases may create sufficient antinoise which mutes more sizable patterns in returns. However, in the short-run, correlation spikes coincide with market volatility indicating that behavioral biases may become more visible during crises.