In this paper, a model of bounded rational investors investing their portfolio in a passive investment vehicle (e.g., an Exchange Traded Fund replicating a broad index) or an actively managed fund is presented. The model proposes that the quick reswitching of these short-term oriented investors...

Is real investment fully determined by fundamentals or is it sometimes affected by stock market misvaluation? We introduce three new tests that: measure the reaction of investment to sales shocks for firms that may be overvalued; use Fama-MacBeth regressions to determine whether overinvestment...

Diese Untersuchung verfolgt mehrere Ziele. Es soll ein Beitrag geleistet werden zur Klärung folgender Fragen: Welches sind die konstituierenden Merkmale von Preisblasen? Läßt sich die Existenz von Preisblasen empirisch nachweisen? Lassen sich Preisblasen von anderen typischen Phasen der...