Purpose – The purpose of this paper is to present a behavioral explanation of excess stock price volatility relative to present value theory. Design/methodology/approach – The conceptual basis is the impact of affect on investor decisions. The empirical tests involve survey data collected...

Purpose – The purpose of this paper is to present a behavioral explanation of excess stock price volatility relative to present value theory. Design/methodology/approach – The conceptual basis is the impact of affect on investor decisions. The empirical tests involve survey data collected...

Purpose – The purpose of this paper is to present a behavioral explanation of excess stock price volatility relative to present value theory. Design/methodology/approach – The conceptual basis is the impact of affect on investor decisions. The empirical tests involve survey data collected...