Fundamental factors and extrapolation in stock-market expectations: The central role of structural change
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DOI: 10.1016/j.jebo.2018.02.017
Abstract: Abstract Rational expectations and behavioral-finance models are widely interpreted as representing two distinct conceptions of decision-making: rational and irrational, respectively. Using survey data, this paper presents econometric evidence that both fundamental factors and extrapolation drive… read more here.
Keywords: structural change; factors extrapolation; finance; fundamental factors ... See more keywords