Yang, Chunpeng; Zhang, Rengui - In: Economic Modelling 37 (2014) C, pp. 362-367
Conventional wisdom suggests that the equilibrium stock price is not affected by investor sentiment, and the … pricing model with investor sentiment and we find that investor sentiment has a significant impact on the equilibrium stock … price. The equilibrium stock price, which is affected by pessimistic sentiment at time 0, may be lower than the one at time …