| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP12295
|
| DP12295 Offsetting Disagreement and Security Prices |
| Dong Lou
|
| 发表日期 | 2017-09-12
|
| 出版年 | 2017
|
| 语种 | 英语
|
| 摘要 | We propose that investors are generally less excited about portfolios than they are about the individual companies in those portfolios. The reason is that companies liked by some investors are often not liked by other investors. This makes it almost impossible to construct a portfolio that perfectly pleases large groups of investors and contains (only) every investor’s most favorite companies. The maximum level of excitement that a portfolio of companies receives from investors, therefore, is almost always less than the sum of the level of excitement that the individual companies in the portfolio receive from their most fervent supporters. In the presence of binding short-sale constraints, wherein prices are set by the most optimistic investors, this difference in the level of excitement can become priced. Utilizing closed-end funds, exchange-traded funds, mergers and acquisitions, and conglomerates in which the value of the aggregate portfolio and the values of the underlying components can be separately evaluated, we present evidence supporting our proposition. |
| 主题 | Financial Economics
|
| URL | https://cepr.org/publications/dp12295
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541106
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推荐引用方式
GB/T 7714 |
Dong Lou. DP12295 Offsetting Disagreement and Security Prices. 2017.
|
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