全球智库信息集成服务系统(G2TT): \"Superstitious\" Investors

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w25603
来源ID	Working Paper 25603
	\"Superstitious\" Investors
	Hongye Guo; Jessica A. Wachter
发表日期	2019-03-04
出版年	2019
语种	英语
摘要	We consider an economy in which investors believe dividend growth is predictable, when in reality it is not. We show that these beliefs lead to excess volatility and return predictability. We also show that these beliefs are rational in the face of evidence on dividend growth. We apply this framework to explaining the value premium, predictability of bond returns, and the violation of uncovered interest rate parity.
主题	Financial Economics ; Portfolio Selection and Asset Pricing
URL	https://www.nber.org/papers/w25603
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/583277
推荐引用方式 GB/T 7714	Hongye Guo,Jessica A. Wachter. \"Superstitious\" Investors. 2019.