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  • Search: subject:"average expectations"
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Year of publication
Subject
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average expectations 9 multiple equilibria 7 over-reliance on public information 7 higher order beliefs 4 long and short-term trading 4 Beauty Contest 3 Börsenkurs 2 Erwartungstheorie 2 Expected returns 2 Informationsverhalten 2 Price bias 2 Theorie 2 Wertpapierhandel 2 efficient market hypothesis 2 momentum 2 momentum and reversal 2 opaqueness 2 price speculation 2 public information 2 reversal 2 Effizienzmarktthese 1 Kapitalertrag 1 Kapitalmarkttheorie 1 Marktliquidität 1 Noise Trading 1 beauty contest 1 expected returns 1
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Online availability
All
Free 9
Type of publication
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Book / Working Paper 9
Type of publication (narrower categories)
All
Working Paper 2
Language
All
English 6 Undetermined 3
Author
All
Cespa, Giovanni 9 Vives, Xavier 9
Institution
All
Centro Studi di Economia e Finanza (CSEF) 3 CESifo 2 IESE Business School, Universidad de Navarra 2
Published in...
All
CSEF Working Papers 3 CESifo Working Paper 2 CESifo Working Paper Series 2 IESE Research Papers 2
Source
All
RePEc 7 EconStor 2
Showing 1 - 9 of 9
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The Beauty Contest and Short-Term Trading
Cespa, Giovanni; Vives, Xavier - Centro Studi di Economia e Finanza (CSEF) - 2014
find that prices reect average expectations about fundamentals and liquidity trading. Informed investors engage in …
Persistent link: https://www.econbiz.de/10011082504
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Higher order expectations, illiquidity, and short-term trading
Cespa, Giovanni; Vives, Xavier - 2011
We propose a theory that jointly accounts for an asset illiquidity and for the asset price potential over-reliance on public information. We argue that, when trading frequencies differ across traders, asset prices reflect investors' Higher Order Expectations (HOEs) about the two factors that...
Persistent link: https://www.econbiz.de/10010274821
Saved in:
Cover Image
Higher order expectations, illiquidity, and short-term trading
Cespa, Giovanni; Vives, Xavier - IESE Business School, Universidad de Navarra - 2011
We propose a theory that jointly accounts for an asset illiquidity and for the asset price potential over-reliance on public information. We argue that, when trading frequencies differ across traders, asset prices reflect investors' Higher Order Expectations (HOEs) about the two factors that...
Persistent link: https://www.econbiz.de/10010833008
Saved in:
Cover Image
Higher Order Expectations, Illiquidity, and Short-term Trading
Cespa, Giovanni; Vives, Xavier - Centro Studi di Economia e Finanza (CSEF) - 2011
We propose a theory that jointly accounts for an asset illiquidity and for the asset price potential over-reliance on public information. We argue that, when trading frequencies differ across traders, asset prices reflect investors' Higher Order Expectations (HOEs) about the two factors that...
Persistent link: https://www.econbiz.de/10008866187
Saved in:
Cover Image
Expectations, Liquidity, and Short-term Trading
Cespa, Giovanni; Vives, Xavier - CESifo - 2011
a one period horizon. With persistence, prices reflect average expectations about fundamentals and liquidity trading …
Persistent link: https://www.econbiz.de/10008872222
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Dynamic trading and asset prices : Keynes vs. Hayek
Cespa, Giovanni; Vives, Xavier - 2009
equilibrium model. We show that prices are farther away from (closer to) fundamentals compared with average expectations if and …; the complementary region is Hayekian" in that prices are systematically closer to fundamentals than average expectations …
Persistent link: https://www.econbiz.de/10010272747
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Dynamic Trading and Asset Prices: Keynes vs. Hayek
Cespa, Giovanni; Vives, Xavier - CESifo - 2009
average expectations. The standard case of no residual uncertainty and noise trading following a random walk is on the …
Persistent link: https://www.econbiz.de/10008583648
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Cover Image
Dynamic Trading and Asset Prices: Keynes vs. Hayek
Cespa, Giovanni; Vives, Xavier - Centro Studi di Economia e Finanza (CSEF) - 2008
equilibrium model. We look at the bias of prices as estimators of fundamental value in relation to traders' average expectations … and note that prices are more (less) biased than average expectations if and only if traders over- (under-) rely on public … information with respect to optimal statistical weights. We find that prices are biased in relation to average expectations …
Persistent link: https://www.econbiz.de/10005802064
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Cover Image
Dynamic trading and asset prices: Keynes vs. Hayek
Cespa, Giovanni; Vives, Xavier - IESE Business School, Universidad de Navarra - 2007
equilibrium model. We look at the bias of prices as estimators of fundamental value in relation to traders' average expectations … and note that prices are more (less) biased than average expectations if and only if traders over- (under-) rely on public … information with respect to optimal statistical weights. We find that prices are biased in relation to average expectations …
Persistent link: https://www.econbiz.de/10005057438
Saved in:
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