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| Author: | Hong, H. Scheinkman, J. Xiong, W. |
| Title: | Advisors and asset prices: A model of the origins of bubbles |
| Journal: | Journal of Financial Economics
2008 : AUG, VOL. 89:2, p. 268-287 |
| Index terms: | assets stocks share prices forecasting bubbles models |
| Freeterms: | analyst forecasts new technology heterogenous beliefs |
| Language: | eng |
| Abstract: | This study develops a model of asset price bubbles based on the communication process between advisors and investors. A bubble arises for a wide range of parameters. Its size is maximized with a mix of smart and naive investors in the economy. The model suggests an alternative source for stock over-valuation in addition to investor overreaction to news and sell-side bias. |
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