The importance of investor heterogeneity and financial market imperfections for the behavior of asset prices: A comment

The importance of investor heterogeneity and financial market imperfections for the behavior of asset prices: A comment

It is noted that Heaton and Lucas have gone out on a limb in their 1995 paper The Importance of Investor Heterogeneity and Financial Market Imperfections for the Behavior of Asset Prices. They did not have at their disposal the years of debate and discussion that one associates with a more mature li...

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Veröffentlicht in:Carnegie-Rochester conference series on public policy 1995-06, Vol.42 (1), p.33-38
1. Verfasser: Zin, Stanley E.
Format: Artikel
Sprache:eng
Schlagworte:
Economic models
Regression analysis
Securities markets
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Zusammenfassung:It is noted that Heaton and Lucas have gone out on a limb in their 1995 paper The Importance of Investor Heterogeneity and Financial Market Imperfections for the Behavior of Asset Prices. They did not have at their disposal the years of debate and discussion that one associates with a more mature literature. On the other hand, given the subject matter, the timeliness of their survey may be the source of its greatest benefits. Incomplete-markets models are by their nature all different from one another in unpredictable ways.
ISSN:0167-2231
1879-1328
DOI:10.1016/0167-2231(95)00027-W