| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14677 |
| DP14677 Testing Disagreement Models | |
| Yen-Cheng Chang; Pei-Jie Hsiao; Alexander Ljungqvist; Kevin Tseng | |
| 发表日期 | 2020-04-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We provide plausibly identified evidence for the role of investor disagreement in asset pricing. Our natural experiment exploits the staggered implementation of EDGAR, which induces a reduction in investor disagreement. Consistent with models of investor disagreement, EDGAR inclusion helps resolve disagreement around information events, leading to stock price corrections. The reduction in disagreement following EDGAR inclusion also reduces stock price crash risk, especially among stocks with binding short-sale constraints and high investor optimism. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp14677-0 |
| 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/543593 |
| 推荐引用方式 GB/T 7714 | Yen-Cheng Chang,Pei-Jie Hsiao,Alexander Ljungqvist,et al. DP14677 Testing Disagreement Models. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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