Under-and Overconfidence, Asset Pricing and Corporate Policy

摘要：

this paper offers a model that asset price is a comprehensive function by the confidence, signal and market. To measure the abnormal variation of price, we cite and improve a pricing model ever only on overconfidence and expand it to both under- and overconfidence. New pricing model implies, under market prosperous, investors are average overconfident and security price reacts more drastically to positive signal than to the negative, but which reverse under the slack. These persuasive conclusions not only demonstrate the improvement be effective, but also enlighten people to make all kinds of relevant policies.

关键词： under-and overconfidenc asset pricing policy

作者: Xianyong Tang Yonghai Wang

作者单位: School of Economic & Management, WuHan University WuHan, 430072, China, School of Accounting, GuiZho School of Economic & Management, WuHan University WuHan, 430072, China

会议类型: 国际会议

会议名称: 2009 International Conference on Management of e-Commerce and e-Government ICMeCG 2009(第三届电子商务与电子政务管理国际会议)

会议地点: 南昌

会议语种:英文

页码: 250-253

在线出版日期: 2009-09-01（万方平台首次上网日期，不代表论文的发表时间）