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“Non-Marginal” Investor Beliefs

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NBER2026-09-01 更新2026-09-11 收录
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This paper provides evidence of how the beliefs of investors who step out of the market, or non-marginal investors, influence asset prices. Using more than two decades of respondent-level investor surveys, we construct wedge measures that quantify the distance between subjective investor beliefs and

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2026-09-01
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