The equity premium puzzle and emotional asset pricing

Gürtler, Marc; Hartmann, Nora

[working paper]

dc.contributor.author	Gürtler, Marc	de
dc.contributor.author	Hartmann, Nora	de
dc.date.accessioned	2012-05-29T14:02:00Z	de
dc.date.accessioned	2015-05-20T07:01:24Z
dc.date.available	2015-05-20T07:01:24Z
dc.date.issued	2004	de
dc.identifier.uri	http://www.ssoar.info/ssoar/handle/document/43090
dc.description.abstract	"Since the equity premium as well as the risk-free rate puzzle question the concepts central to financial and economic modeling, we apply behavioral decision theory to asset pricing in view of solving these puzzles. U.S. stock market data for the period 1960-2003 and German stock market data for the period 1977-2003 show that emotional investors who act in accordance to Bell's (1985) disappointment theory -a special case of prospect theory- and additionally administer mental accounts demand a high equity premium. Furthermore, these investors reason a low risk-free rate. However, Barberis/Huang/Santos (2001) already showed that limited rational investors demand a high equity premium. But as opposed to them, our approach additionally supports dividend smoothing." (author's abstract)	en
dc.language	en	de
dc.subject.ddc	Wirtschaft	de
dc.subject.ddc	Economics	en
dc.title	The equity premium puzzle and emotional asset pricing	de
dc.description.review	begutachtet	de
dc.description.review	reviewed	en
dc.identifier.url	http://www.fiwi.tu-bs.de/fileadmin/files/forschung/working_papers/FW10.pdf	de
dc.source.volume	FW10V3	de
dc.publisher.country	DEU
dc.publisher.city	Braunschweig	de
dc.source.series	IF Working Paper Series
dc.subject.classoz	Wirtschaftspolitik	de
dc.subject.classoz	Economic Policy	en
dc.subject.thesoz	Wirtschaft	de
dc.subject.thesoz	economy	en
dc.subject.thesoz	Börse	de
dc.subject.thesoz	stock exchange	en
dc.subject.thesoz	Aktienmarkt	de
dc.subject.thesoz	stock market	en
dc.subject.thesoz	Bundesrepublik Deutschland	de
dc.subject.thesoz	Federal Republic of Germany	en
dc.subject.thesoz	Forschung	de
dc.subject.thesoz	research	en
dc.subject.thesoz	empirische Forschung	de
dc.subject.thesoz	empirical research	en
dc.subject.thesoz	Eigenkapital	de
dc.subject.thesoz	equity	en
dc.date.modified	2012-05-29T14:02:00Z	de
dc.rights.licence	Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung	de
dc.rights.licence	Deposit Licence - No Redistribution, No Modifications	en
ssoar.contributor.institution	USB Köln	de
internal.status	formal und inhaltlich fertig erschlossen	de
internal.identifier.thesoz	10053629
internal.identifier.thesoz	10034972
internal.identifier.thesoz	10034970
internal.identifier.thesoz	10037571
internal.identifier.thesoz	10037018
internal.identifier.thesoz	10042034
internal.identifier.thesoz	10041541
dc.type.stock	monograph	de
dc.type.document	Arbeitspapier	de
dc.type.document	working paper	en
dc.rights.copyright	f	de
dc.source.pageinfo	28	de
internal.identifier.classoz	1090302
internal.identifier.document	3
dc.contributor.corporateeditor	Technische Universität Braunschweig, Department Wirtschaftswissenschaften, Institut für Finanzwirtschaft
internal.identifier.corporateeditor	434
internal.identifier.ddc	330
dc.description.pubstatus	unbekannt	de
dc.description.pubstatus	Unknown	en
internal.identifier.licence	3
internal.identifier.pubstatus	4
internal.identifier.review	2
internal.identifier.series	675
dc.subject.classhort	10900	de
dc.identifier.handle	https://hdl.handle.net/10419/55238
internal.check.abstractlanguageharmonizer	CERTAIN

Files in this item

Files	Size	Format	View
There are no files associated with this item.

This item appears in the following Collection(s)

Wirtschaftspolitik
Economic Policy

Show simple item record