| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP155 |
| DP155 Myopia, the 'Dividend Puzzle', and Share Prices | |
| Stephen Nickell; Sushil Wadhwani | |
| 发表日期 | 1987-02-01 |
| 出版年 | 1987 |
| 语种 | 英语 |
| 摘要 | The view that the stock market is myopic is commonly expressed in the financial press. However, the existing econometric evidence does not support this view. In this paper, we report econometric evidence suggesting that the market attaches too high a weight to current dividends relative to future dividends. This is consistent with the widely-held belief that the market is myopic. The main reason that we obtain a different result is that we estimate a model that is more general than the standard approach. However, we find no evidence to link this myopic behaviour with increased institutional ownership of equity. Our evidence can also be interpreted as a rejection of the standard efficient markets model, even when we allow for a time-varying discount rate. In addition our test does not depend on the time-series properties of dividends (e.g. we do not require stationarity). |
| 主题 | International Macroeconomics |
| 关键词 | Dividends Efficient markets Myopia stock market |
| URL | https://cepr.org/publications/dp155 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529311 |
| 推荐引用方式 GB/T 7714 | Stephen Nickell,Sushil Wadhwani. DP155 Myopia, the 'Dividend Puzzle', and Share Prices. 1987. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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