Feedback effects and asset prices

---

Feedback effects from asset prices to firm cash flows have been empirically documented. This finding raises a question for asset pricing: How are asset prices determined if price affects fundamental value, which in turn affects price? In this environment, by buying assets that others are buying, investors ensure high future cash flows for the firm and subsequent high returns for themselves. Hence, investors have an incentive to coordinate, which may generate self-fulfilling beliefs and multiple equilibria. Using insights from global games, we pin down investors' beliefs, analyze equilibrium prices, and show that strong feedback leads to higher excess volatility..Printed journal

---

Ketersediaan

Call Number	Location	Available
	PSB lt.dasar - Pascasarjana	1

Informasi Detail

Judul Seri

-

No. Panggil

-

Penerbit

: The American Finance Association.,

Deskripsi Fisik

-

Bahasa

ISBN/ISSN

221082

Klasifikasi

-

Tipe Isi

-

Tipe Media

-

Tipe Pembawa

-

Edisi

-

Subjek

Cash flow
Game theory
Pricing policies
studies
Securities prices

Info Detail Spesifik

-

Pernyataan Tanggungjawab

pa

Versi lain/terkait

Lampiran Berkas

Komentar

---

Anda harus masuk sebelum memberikan komentar