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| Tekijä: | Hong, H. Scheinkman, J. Xiong, W. |
| Otsikko: | Advisors and asset prices: A model of the origins of bubbles |
| Lehti: | Journal of Financial Economics
2008 : AUG, VOL. 89:2, p. 268-287 |
| Asiasana: | assets stocks share prices forecasting bubbles models |
| Vapaa asiasana: | analyst forecasts new technology heterogenous beliefs |
| Kieli: | eng |
| Tiivistelmä: | 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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