Price bubbles sans dividend anchors: Evidence from laboratory stock markets

Shinichi Hirota*, Shyam Sunder

*この研究の対応する著者

研究成果: Chapter

4 被引用数 (Scopus)

抄録

We experimentally explore how investor decision horizons influence the formation of stock prices. We find that in long-horizon sessions, where investors collect dividends till maturity, prices converge to the fundamental levels derived from dividends through backward induction. In short-horizon sessions, where investors exit the market by receiving the price (not dividends), prices levels and paths become indeterminate and lose dividend anchors; investors tend to form their expectations of future prices by forward, not backward, induction. These laboratory results suggest that investors' short horizons and the consequent difficulty of backward induction are important contributors to the emergence of price bubbles.

本文言語English
ホスト出版物のタイトルBehavioral Interactions, Markets, and Economic Dynamics
ホスト出版物のサブタイトルTopics in Behavioral Economics
出版社Springer Japan
ページ357-395
ページ数39
ISBN(電子版)9784431555018
ISBN(印刷版)9784431555001
DOI
出版ステータスPublished - 2015 9 12

ASJC Scopus subject areas

  • 経済学、計量経済学および金融学(全般)
  • ビジネス、管理および会計(全般)
  • 心理学(全般)

フィンガープリント

「Price bubbles sans dividend anchors: Evidence from laboratory stock markets」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル