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Asset Pricing Based on Micro Consumption
Ju, Gaosheng - 2021
This paper proposes an estimable asset pricing model that builds upon micro consumption andreference-dependent preference. Central to the model is an S-shaped consumption utility function that is convex below the reference point. The model quantitatively accounts for both low risk-free rates and...
Persistent link: https://www.econbiz.de/10013217345
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Monetary policy, stock prices, and consumption externalities
Airaudo, Marco - In: Economics letters 120 (2013) 3, pp. 537-541
Persistent link: https://www.econbiz.de/10010187192
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Asset Pricing : Herding vs. Individual Social Interaction
König, Frederik - 2010
The existence of influence among participants on financial markets is affirmed by the theory of behavioural finance …
Persistent link: https://www.econbiz.de/10013137950
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Asset Pricing in the Presence of Social Interaction
König, Frederik - 2010
What is the mechanism that determines market prices of financial assets? The literature of modern finance theory … equity puzzle in this paper. The upcoming literature of behavioural finance theory loosens the restrictive assumptions of … modern finance theory in favour of the acceptance of an investor's irrationality. Many efforts have been undertaken so far to …
Persistent link: https://www.econbiz.de/10013147794
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Wealth effects on consumption : evidence from the euro area
Sousa, Ricardo M. - 2009
This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth effects are relatively large and statistically significant; (ii) housing wealth effects are virtually nil and not significant; (iii) consumption growth exhibits strong...
Persistent link: https://www.econbiz.de/10003865994
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Wealth Effects on Consumption - Evidence from the Euro Area
Sousa, Ricardo M. - 2009
This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth effects are relatively large and statistically significant; (ii) housing wealth effects are virtually nil and not significant; (iii) consumption growth exhibits strong...
Persistent link: https://www.econbiz.de/10013160476
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Consuming dividends
Bräuer, Konstantin; Hackethal, Andreas; Hanspal, Tobin - 2020 - Current version: May 2020
This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on financial behavior. We find that private...
Persistent link: https://www.econbiz.de/10012223798
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If you think 9-ending prices are low, think again
Snir, Avichai; Levy, Daniel C. - 2019
9-ending prices are a dominant feature of many retail settings, which according to the existing literature, is because consumers perceive them as being relatively low. Are 9-ending prices really lower than comparable non 9-ending prices? Surprisingly, the empirical evidence on this question is...
Persistent link: https://www.econbiz.de/10012021588
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Consumer Confidence and S&P 500 Equity Price
Zhang, Yiling - 2016
We study the dynamic relationship between movements in consumer confidence and equity prices. By conducting the level OLS tests, we have observed a strong contemporaneous relationship between consumer confidence and equity prices. A further VAR analysis justifies that one time lag S&P 500 return...
Persistent link: https://www.econbiz.de/10012995685
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Consumer Sentiment and the Stock Market
Otoo, Maria Ward - 2000
This paper examines the relationship between movements in consumer sentiment and stock prices. At the aggregate level, the two share a strong contemporaneous relationship an increase in equity values boosts sentiment. However, I also sought to examine the nature of the relationship between the...
Persistent link: https://www.econbiz.de/10014170051