外部交易
Outsider Trading
摘要：
本文研究日本股票市场的无效率和信息不均等问题。传统的统计套利策略是以市场微观结构、公司发布的信息或分析师报告为基础的，通过仔细分析互联网上公开的信息，传统的统计套利策略的“局外人”仍然可以追求有利可图的交易策略。大量的博客数据被用来证明市场中存在的低效率。建立了一个基于信息的交易策略复制模型来估计信息差异的程度。
英文摘要：
In this paper we examine inefficiencies and information disparity in the Japanese stock market. By carefully analysing information publicly available on the internet, an `outsider' to conventional statistical arbitrage strategies--which are based on market microstructure, company releases, or analyst reports--can nevertheless pursue a profitable trading strategy. A large volume of blog data is used to demonstrate the existence of an inefficiency in the market. An information-based model that replicates the trading strategy is developed to estimate the degree of information disparity.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
