| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23883 |
| 来源ID | Working Paper 23883 |
| A Tough Act to Follow: Contrast Effects In Financial Markets | |
| Samuel M. Hartzmark; Kelly Shue | |
| 发表日期 | 2017-10-02 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | A contrast effect occurs when the value of a previously-observed signal inversely biases perception of the next signal. We present the first evidence that contrast effects can distort prices in sophisticated and liquid markets. Investors mistakenly perceive earnings news today as more impressive if yesterday’s earnings surprise was bad and less impressive if yesterday’s surprise was good. A unique advantage of our financial setting is that we can identify contrast effects as an error in perceptions rather than expectations. Finally, we show that our results cannot be explained by a key alternative explanation involving information transmission from previous earnings announcements. |
| 主题 | Microeconomics ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Behavioral Finance |
| URL | https://www.nber.org/papers/w23883 |
| 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/581555 |
| 推荐引用方式 GB/T 7714 | Samuel M. Hartzmark,Kelly Shue. A Tough Act to Follow: Contrast Effects In Financial Markets. 2017. |
| 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 | ||
| w23883.pdf（623KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
