Author

Contributions

  • Wang, Jiang, 1959- - Contributor
  • National Bureau of Economic Research. - Contributor

Publication

2000 - National Bureau of Economic Research, Cambridge, MA, Massachusetts

Language

English

Word Count

10,000 words, Guess

Page Count

40 pages

Identifiers

Description

"We examine the implications of portfolio theory for the cross-sectional behavior of equity trading volume. Two-fund separation theorems suggest a natural definition for trading activity: share turnover...We find strong evidence against two-fund separation, and a principal-components decomposition suggests that turnover is well approximated by a two-factor linear model" -- Abstract.

Subjects

Genres

  • Econometric models

Series Statement

  • NBER working paper series -- working paper 7625
  • Working paper series (National Bureau of Economic Research) -- working paper no. 7625.

Links

Other Editions

  • Trading volume: definitions, data analysis, and implications of portfolio theoryNational Bureau of Economic Research2000-01-01

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