opinion stocks weakly outperform low differences of opinion stocks by 2.42% annually which is more consistent with the … result finds no support for the over-valuation theory. Instead, the measure used in this study finds that high differences of …

I introduce a novel proxy of investor sentiment and differences of opinion among trendchasing investors to forecast … experienced high sentiment. The role of differences of opinion depends on the states of average investor sentiment: it positively … explanation for the role of differences of opinion based on the theory of Abreu and Brunnermeier (2003). I argue that convergence …

analysts' forecast dispersion for differences of opinion. For earnings announcements of US firms, I find that a one standard … separate the impact of information asymmetry from the impact of proxies for differences of opinion. I also present a … observing a public signal. This public signal is interpreted differently across agents, leading to differences of opinion. I …