کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099902 | 1377052 | 2007 | 35 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Price bubbles sans dividend anchors: Evidence from laboratory stock markets
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موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
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چکیده انگلیسی
We experimentally explore how investor decision horizons influence the formation of stock prices. We find that in long-horizon sessions, where investors collect dividends till maturity, prices converge to the fundamental levels derived from dividends through backward induction. In short-horizon sessions, where investors exit the market by receiving the price (not dividends), price levels and paths become indeterminate and lose dividend anchors; investors tend to form their expectations of future prices by forward, not backward, induction. These laboratory results suggest that investors' short horizons and the consequent difficulty of backward induction are important contributors to the emergence of price bubbles.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 6, June 2007, Pages 1875-1909
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 6, June 2007, Pages 1875-1909
نویسندگان
Shinichi Hirota, Shyam Sunder,