bubbles occur pay dividends after each trading day. In this paper we study whether bubbles can occur in markets without … dividends. We investigate the role of two features that are present in real markets. (1) The mere possibility that some traders … without dividends. Surprisingly, communication turns out to be counterproductive for bubble formation, whereas the possibility …

research is to examine if DDM models offer relevant and safe valuation of long-term securities at Macedonian Stock Exchange … use of DDM valuation models at MSE, to determine causes for differences between the intrinsic values and the stock market … prices and to determine basic parameters for implementation of valuation on Macedonian financial market. We find that DDM …

prices and the log dividends. However, the empirical results also show that the cointegrating relationship has changed over …According to several empirical studies, the Present Value model fails to explain the behaviour of stock prices in the … structural changes would provide a better empirical description of the Present Value model of U.S. stock prices. The methodology …

Prominent financial stock pricing models are built on assumption that asset returns follow a normal (Gaussian … Macedonian Stock Exchange (MSE). Obtaining information about the shape of distribution is an important step for models of pricing …

Standard economic models hold that exchange rates are influenced by fundamental variables such as relative money … exhibit a related link suggested by standard models u0096 that the exchange rate helps predict fundamentals. We also show …

prices there have recently been rising. The results suggest that heterogeneity within the foreign investor population is much …

comparison of models allowing for an independent OF risk factor with a restricted one, where the forex order flow plays no role …

replicate some salient features of asset price dynamics. -- Agent-based financial market models ; direct interactions …