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measure of 'Animal Spirits', thereby resolving a previously intractable gap between economic theory and empirical …
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paper focuses on how household investors' disagreements on macroeconomic variables influence market-wide trading volume. We … show that greater belief dispersion among household investors is associated with significantly higher trading volume, even … household investors who are more likely to own stocks has more pronounced effects on trading volume, suggesting a causal …
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We show that the stock market may fail to aggregate information even if it appears to be efficient, and that the resulting decrease in the information content of prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and...
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"We show that the stock market may fail to aggregate information even if it appears to be efficient and that the resulting decrease in the information content of stock prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and...
Persistent link: https://www.econbiz.de/10009129717