Beliefs and Portfolios: Causal Evidence
收藏NBER2025-11-01 更新2025-11-29 收录
下载链接：
https://www.nber.org/papers/w34489
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资源简介：
We causally test alternative theories of expectation formation. Using a randomized information experiment we show overreaction is a key feature of individuals' return expectations, and individuals' response to the price-earnings ratio is opposite to the academic consensus. Our evidence is
提供机构：
美国国家经济研究局
创建时间：
2025-11-01
