https://hackerpaper.kaipfister.de/p/1912.01708/Collected HN comments and submissions linking this paper.enMon, 02 Nov 2026 11:16:22 GMThttps://news.ycombinator.com/item?id=29913244urn:hackerpapers:mention:1912.01708:29913244Wed, 12 Jan 2022 21:55:18 GMT<p>The author explains what he thinks is happening on page two of this paper (which he cites in the OP, but doesn&#x27;t actually explain): https://arxiv.org/pdf/1912.01708.pdf TL;DR: Stock prices in the US go up overnight and come down during the trading session. The only explanation must be that some shadowy trading firm with a lot of money is buying a bunch of $stock in the morning and selling it back later in the day (at a loss), because it inflates the value of their much larger stockpile of $stock that they hold onto overnight.</p><p><a href="https://hackerpaper.kaipfister.de/p/1912.01708/">Paper and discussion history</a>. A mention is not an endorsement.</p>q-fin.GNhttps://news.ycombinator.com/item?id=22705399urn:hackerpapers:mention:1912.01708:22705399Fri, 27 Mar 2020 18:27:05 GMT<p>This reminds me of a paper I read in the Quantitative Finance section on arXiv.org, in which the author claimed stock markets are being manipulated by big portfolio owners, because the gains happen overnight, while the intraday returns are negative. I&#x27;m not endorsing this idea, but I consider it a fun conspiracy theory and maybe it&#x27;s a good time to throw this into the discussion here. https://arxiv.org/abs/1912.01708</p><p><a href="https://hackerpaper.kaipfister.de/p/1912.01708/">Paper and discussion history</a>. A mention is not an endorsement.</p>q-fin.GN