Investor Overconfidence and the Forward Premium Puzzle
收藏NBER2010-04-01 更新2025-01-04 收录
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https://www.nber.org/papers/w15866
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We offer an explanation for the forward premium puzzle in foreign exchange markets based upon investor overconfidence. In the model, overconfident individuals overreact to their information about future inflation, which causes greater overshooting in the forward rate than in the spot rate. Thus,
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美国国家经济研究局创建时间：
2010-04-01
