作者
Nicholas Barberis, Andrei Shleifer, Robert Vishny
发表日期
1998/9/1
期刊
Journal of financial economics
卷号
49
期号
3
页码范围
307-343
出版商
North-Holland
简介
Recent empirical research in finance has uncovered two families of pervasive regularities: underreaction of stock prices to news such as earnings announcements, and overreaction of stock prices to a series of good or bad news. In this paper, we present a parsimonious model of investor sentiment, or of how investors form beliefs, which is consistent with the empirical findings. The model is based on psychological evidence and produces both underreaction and overreaction for a wide range of parameter values.
引用总数
学术搜索中的文章
N Barberis, A Shleifer, R Vishny - Journal of financial economics, 1998