Detail Rational Bubbles and Non-Risk Neutral Investors in Japan   Oleh:  Fukuta, Yuichi Jenis: Article from Bulletin/Magazine Dalam koleksi: JAPAN AND THE WORLD ECONOMY vol. 8 no. 4 (1996), page 459-474. Topik: investors; rational bubbles; non - risk neutral; investors Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ47.6 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel This paper presents a sufficient condition for not observing rational bubbles in real stock prices when investors are not risk neutral and both the real interest rate and the risk premium are time varying. If the risk premium and the real interest rate are stationary, the stationarity of the first differences of real stock prices is a sufficient condition for the absence of rational bubbles. Testing this condition with data on Japanese stock prices, we find that the hypothesis that rational bubbles existed is rejected. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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