| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13504 |
| 来源ID | Working Paper 13504 |
| Advisors and Asset Prices: A Model of the Origins of Bubbles | |
| Harrison Hong; Jose A. Scheinkman; Wei Xiong | |
| 发表日期 | 2007-10-15 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We develop a model of asset price bubbles based on the communication process between advisors and investors. Advisors are well-intentioned and want to maximize the welfare of their advisees (like a parent treats a child). But only some advisors understand the new technology (the tech-savvies); others do not and can only make a downward-biased recommendation (the old-fogies). While smart investors recognize the heterogeneity in advisors, naive ones mistakenly take whatever is said at face value. Tech-savvies inflate their forecasts to signal that they are not old-fogies, since more accurate information about their type improves the welfare of investors in the future. A bubble arises for a wide range of parameters, and its size is maximized when there is a mix of smart and naive investors in the economy. Our model suggests an alternative source for stock over-valuation in addition to investor overreaction to news and sell-side bias. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w13504 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571180 |
| 推荐引用方式 GB/T 7714 | Harrison Hong,Jose A. Scheinkman,Wei Xiong. Advisors and Asset Prices: A Model of the Origins of Bubbles. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13504.pdf（310KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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