作者：Ng, YK
作者单位：Chinese University of Hong Kong; Monash University
作者：Bulkley, G; Harris, RDF
摘要：This paper investigates whether excess stock price volatility may be due in part to a failure of the market to form rational expectations. Using data on analysts' expectations of long run earnings growth for individual companies, we report a number of interrelated results which lend support to this hypothesis. These results together imply that the cross-section of stock prices will also be excessively dispersed, so that stocks with low earnings expectations are underpriced and stocks with high...
作者：Minford, P
作者单位：University of Liverpool
