The possibility that movements in prices could be due to the self-fulfilling prophecies of
market participants has long intrigued observers of free markets. This paper surveys the …

The article considers the possibility that asset prices might deviate from intrinsic values
based on market fundamentals. Three broad categories of theory are surveyed:(a) growing …

This paper addresses an important issue of modeling nonlinear asymmetric dynamics and
unobserved individual heterogeneity in the threshold panel data framework, simultaneously …

The integrated solutions for Brealey's Principles of Corporate Finance have been specifically
designed to help improve student performance, meaning that students are prepared for …

A dividend-ratio model is introduced here that makes the log of the dividend-price ratio on a
stock linear in optimally forecast future one-period real discount rates and future one-period …

Long historical averages of real earnings help forecast present values of future real
dividends. With aggregate US stock market data (1871–1986), a vector‐autoregressive …

People are overconfident. Overconfidence affects financial markets. How depends on who in
the market is overconfident and on how information is distributed. This paper examines …

We propose that the decision to pay dividends is driven by prevailing investor demand for
dividend payers. Managers cater to investors by paying dividends when investors put a …

^ KL. ina: inancial economics has been enormously successful in explaining the relative
prices of different securities, a process facilitated by the powerful intuition of arbitrage. On …

Xiao (2009) develops a novel estimation technique for quantile cointegrated time series by
extending Phillips and Hansen's (1990) semiparametric approach and Saikkonen's (1991) …