Titlebook: Asset Price Response to New Information; The Effects of Conse Guo Ying Luo Book 2014 The Author(s) 2014 Asset Pricing.Auction Markets.Marke

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Conclusion,only asset price overreaction to new information. This book formally examines the role of conservatism bias and representativeness heuristic in determining asset price overreaction or underreaction to new information. Specifically, the models in Chap. .–. of this book prove theoretically that either

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https://doi.org/10.1007/978-3-642-91362-4bnormal return over two years after the announcement of repurchase tender offers was reported in Lakonishok and Vermaelen [J Financ 45, 455–477, 1990]. Michaely et al. [J Financ 50, 573–608, 1995] study market reactions to initiations and omissions of the cash dividend payments and they find that th

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Versozialwissenschaftlichung des Sterbensht on their prior knowledge. In other words, if the signal is greater (smaller) than the expected payoff of the asset, then a heuristic trader has a larger (smaller) conditional mean of the asset than a rational trader does; in addition, for any given informational signal, a heuristic trader has a s

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https://doi.org/10.1007/978-3-658-40678-3e for their liquidity needs. Hence, their demand for the asset is assumed to be random. There is one market maker in the market. The market maker supplies the liquidity to the market. The cost of doing so is assumed to be zero. To maximize their own expected profits, rational and heuristic traders s

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Introduction,bnormal return over two years after the announcement of repurchase tender offers was reported in Lakonishok and Vermaelen [J Financ 45, 455–477, 1990]. Michaely et al. [J Financ 50, 573–608, 1995] study market reactions to initiations and omissions of the cash dividend payments and they find that th

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