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54 p, 406.6 KB Stock price booms and expected capital gains / Adam, Klaus ; Beutel, Johannes ; Marcet, Albert ; Universitat Autònoma de Barcelona. Unitat de Fonaments de l'Anàlisi Econòmica ; Institut d'Anàlisi Econòmica
The booms and busts in U. S. stock prices over the post-war period can to a large extent be explained by fluctuations in investors' subjective capital gains expectations. Survey measures of these expectations display excessive optimism at market peaks and excessive pessimism at market throughs. [...]
Universitat Autònoma de Barcelona. Unitat de Fonaments de l'Anàlisi Econòmica 2014 (Working papers ; 948.14)  
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