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dc.contributor.authorAdam, Klauses_ES
dc.contributor.authorMarcet, Albertes_ES
dc.contributor.authorBeutel, Johanneses_ES
dc.date.accessioned2018-06-06T09:43:59Z-
dc.date.available2018-06-06T09:43:59Z-
dc.date.issued2017-08-
dc.identifier.citationAmerican Economic Review 107(8): 2352-2408 (2017)es_ES
dc.identifier.issn0002-8282-
dc.identifier.urihttp://hdl.handle.net/10261/165771-
dc.descriptionThis paper replaces an earlier paper titled “Booms and Busts in Asset Prices” (Adam and Marcet 2010).es_ES
dc.description.abstractInvestors' subjective capital gains expectations are a key element explaining stock price fluctuations. Survey measures of these expectations display excessive optimism (pessimism) at market peaks (troughs). We formally reject the hypothesis that this is compatible with rational expectations. We then incorporate subjective price beliefs with such properties into a standard asset-pricing model with rational agents (internal rationality). The model gives rise to boom-bust cycles that temporarily delink stock prices from fundamentals and quantitatively replicates many asset-pricing moments. In particular, it matches the observed strong positive correlation between the price dividend ratio and survey return expectations, which cannot be matched by rational expectations.es_ES
dc.description.sponsorshipAlbert Marcet acknowledges support from Programa de Excelencia del Banco de España, the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563), Plan Nacional (Ministry of Education), SGR (Generalitat de Catalunya). Klaus Adam and Albert Marcet acknowledge support from the European Research Council under the EU 7th Framework Programme (FP/2007–2013), Starting Grant Agreement 284262 (Adam), and Advanced Grant Agreement 324048 (Marcet). Klaus Adam and Albert Marcet thank Fondation Banque de France for its support on this project.es_ES
dc.language.isoenges_ES
dc.publisherAmerican Economic Associationes_ES
dc.relationinfo:eu-repo/grantAgreement/EC/FP7/284262es_ES
dc.relationinfo:eu-repo/grantAgreement/MINECO/Plan Estatal de Investigación Científica y Técnica y de Innovación 2013-2016/SEV-2015-0563es_ES
dc.relation.isversionofPublisher's versiones_ES
dc.rightsopenAccesses_ES
dc.titleStock Price Booms and Expected Capital Gainses_ES
dc.typeartículoes_ES
dc.identifier.doi10.1257/aer.20140205-
dc.description.peerreviewedPeer reviewedes_ES
dc.relation.publisherversionhttp://dx.doi.org/10.1257/aer.20140205es_ES
dc.contributor.funderBanco de Españaes_ES
dc.contributor.funderMinisterio de Economía y Competitividad (España)es_ES
dc.contributor.funderGeneralitat de Catalunyaes_ES
dc.contributor.funderEuropean Research Counciles_ES
dc.contributor.funderFondation Banque de Francees_ES
dc.relation.csices_ES
oprm.item.hasRevisionno ko 0 false*
dc.identifier.funderhttp://dx.doi.org/10.13039/501100003329es_ES
dc.identifier.funderhttp://dx.doi.org/10.13039/501100002809es_ES
dc.identifier.funderhttp://dx.doi.org/10.13039/501100000781es_ES
dc.identifier.funderhttp://dx.doi.org/10.13039/501100010430es_ES
dc.identifier.funderhttp://dx.doi.org/10.13039/501100010340es_ES
dc.type.coarhttp://purl.org/coar/resource_type/c_6501es_ES
item.openairetypeartículo-
item.cerifentitytypePublications-
item.languageiso639-1en-
item.grantfulltextopen-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.fulltextWith Fulltext-
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