| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4470 |
| DP4470 Horizontal and Vertical Indirect Tax Competition: Theory and Some Evidence From the USA | |
| Michael Devereux; Ben Lockwood; Michela Redoano | |
| 发表日期 | 2004-07-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Not necessarily. The fundamental value of a firm increases with uncertainty about average future profitability, and this uncertainty was unusually high in the late 1990s. We calibrate a stock valuation model that includes this uncertainty, and show that the uncertainty needed to match the observed Nasdaq valuations at their peak is high but plausible. The high uncertainty might also explain the unusually high return volatility of Nasdaq stocks in the late 1990s. Uncertainty has the biggest effect on stock prices when the equity premium is low. |
| 主题 | Financial Economics |
| 关键词 | Bubble Valuation Uncertainty |
| URL | https://cepr.org/publications/dp4470 |
| 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/533418 |
| 推荐引用方式 GB/T 7714 | Michael Devereux,Ben Lockwood,Michela Redoano. DP4470 Horizontal and Vertical Indirect Tax Competition: Theory and Some Evidence From the USA. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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