English, Article, Journal or magazine article edition: "Speculative Investor Behavior and Learning'' Stephen Morris

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Bookmark: http://trove.nla.gov.au/version/189751
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Speculative investor behavior and learning
Author
  • Stephen Morris
Physical Description
  • preprint
Notes
  • RePEc:cla:penntw:d12f7936881423171f6589501c00cc2d
  • RePEc:wop:pennca:95-13
  • As traders learn about the true distribution of some asset's dividends, a speculative premium occurs as each trader anticipates the possibility of re-selling the asset to another trader before complete learning has occurred. Small differences in prior beliefs lead to large speculative premiums during the learning process. This phenomenon helps explain a paradox concerning the pricing of initial public offerings. The result casts light on the significance of the common prior assumption in economic models.
  • Investments ; Stock - Prices
  • RePEc:fip:fedpwp:96-5
Language
  • English
Contributed by
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