| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25346 |
| 来源ID | Working Paper 25346 |
| The Dynamics of Disagreement | |
| Kent Daniel; Alexander Klos; Simon Rottke | |
| 发表日期 | 2018-12-10 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We infer how the estimates of firm value by “optimists” and “pessimists” evolve in response to information shocks by examining returns and disagreement measures for portfolios of short-sale constrained stocks which have experienced large gains or large losses. Our analysis suggests the presence of two groups, one of which overreacts to new information and remains biased over about five years, and a second group which underreacts and whose expectations are unbiased after about one year. Our results have implications for the belief dynamics that underly the momentum and long-term reversal effect. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance |
| URL | https://www.nber.org/papers/w25346 |
| 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/583019 |
| 推荐引用方式 GB/T 7714 | Kent Daniel,Alexander Klos,Simon Rottke. The Dynamics of Disagreement. 2018. |
| 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 | ||
| w25346.pdf（696KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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