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Persistent link: https://www.econbiz.de/10011671202
We find that the low average returns to firms with high asset growth are consistent with two key implications of models of diagnostic investor expectations (e.g., Bordalo, Gennaioli, La Porta, and Shleifer, 2019) that formalize the representativeness heuristic of Kahneman and Tversky (1972)....
Persistent link: https://www.econbiz.de/10013249516