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About Learning in Financial Markets
This document summarizes a working paper on learning in financial markets by Lubos Pastor and Pietro Veronesi. It discusses how parameter uncertainty is ubiquitous in finance and how recognizing that parameters are uncertain and subject to learning helps explain phenomena like volatility, predictability, bubbles, and others. It reviews Bayesian updating as the cornerstone of learning and how it applies to stock valuation. Specifically, uncertainty about dividend growth increases stock prices and market-to-book ratios, especially for younger firms. This model can also explain stock price bubbles as periods of unusually high uncertainty.
Detailed Information
| Author: | ['Black cat'] |
|---|---|
| Publication Year: | 2016 |
| Pages: | 30 |
| Language: | English |
| Format: | |
| Price: | FREE |
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