The Distribution of Investor Beliefs, Stock Ownership and Stock Returns
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We study theoretically and empirically the relationship between investor beliefs, ownership dispersion and stock returns. We find that high dispersion, measured by high breadth or low Herfindahl index, forecasts returns positively for large stocks, as in Chen, Hong and Stein (2002), but negatively
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美国国家经济研究局创建时间：
2021-04-01
