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Recent survey evidence suggests that investors form beliefs about future stock returns by predominantly extrapolating their own experience: They overweight returns they have personally experienced while underweighting returns from earlier years and consequently expect high (low) stock market...
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Zur Illustration einer dynamischen Autoregression Distributed Lag (ADL)-Modellierung dient in dieser Analyse der Containerumschlag Deutschlands in Abhängigkeit vom Welt-GDP. Der ADF-Test deutet dabei auf trendstationäre Zeitreihen hin. In solchen Fällen sollten bei der Überprüfung von...
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