@article{Hughen2005a,
  title = {Who Are the Noise Traders?},
  author = {Hughen, J. Christopher and McDonald, Cynthia G.},
  year = 2005,
  journal = {Journal of Financial Research},
  volume = {28},
  number = {2},
  pages = {281--298},
  issn = {02702592},
  abstract = {Closed-end funds often trade at a discount to net asset value. Previous research suggests that the positive correlation in discounts is associated with investor sentiment that causes systematic mispricing by noise traders. We use a newly available sample of daily fund valuations to examine the relation between intraday trading activity and discount changes. Contrary to the assumption that retail investors are noise traders, we find no relation between discount changes and the order-flow imbalances of individual investors. Large daily discount changes are associated with institutional trading, and this may reflect the price inelasticity of closed-end fund shares.}
}