期望理论和资产价格PROSPECTTHEORYANDASSETPRICES课件教案讲义PPT教程.pptVIP

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期望理论和资产价格PROSPECTTHEORYANDASSETPRICES课件教案讲义PPT教程.ppt

PROSPECTTHEORYANDASSETPRICESNicholasBarberisMingHuangTanoSantosCourse:FinancialEconomics,AlesMarsal,Presentationofthepaper:

OutlineGameThestoryAssumptionsWhatmakesthepaperdifferentModelIntuitionNumericalResults

GameYouweregrantedby50mil.Alesdollars(50forints)Alesmutualfund,probability0.5-20%growth;0.5--20%50%taxonholdingcash,youinvest=exemptoftaxYOUCANWINUPTO125milA.dollars!!!

TheStoryInconsumptionbasedmodelsC=D,notinthedata,investorshavenon-dividendincomeInvestorsderivesdirectutilityfromconsumptionandfinancialw

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