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Persistent link: https://www.econbiz.de/10011773884
We examine whether, in the aggregate, margin debt is associated with the divergence of price from accounting fundamentals. We find that investors increase their margin debt following upward price movements away from accounting fundamentals, consistent with these investors being extrapolative in...
Persistent link: https://www.econbiz.de/10012856712
This study examines how aggregation in financial reporting leads to information loss using a sample of firms that report individual financial assets. The level of information loss increases with the level of aggregation; however, combining assets with similar risk-factor exposures mitigates this...
Persistent link: https://www.econbiz.de/10014350860