Asset Price Effects Arising from Sports Results and Investor Mood: The Case of a Homogenous Fan Base Area

2011 ◽  
Vol 57 (4) ◽  
pp. 285-301 ◽  
Author(s):  
Robert Gallagher, ◽  
Niall O'Sullivan,
Keyword(s):  
Asset Price ◽  
Base Area ◽  
Price Effects

scholarly journals Wealth and Asset Price Effects on Economic Activity

2005 ◽  
Author(s):  
Filippo Altissimo ◽  
Evaggelia Georgiou ◽  
Teresa Sastre ◽  
Maria Teresa Valderrama ◽  
Gabriel Sterne ◽  
...  
Keyword(s):  
Economic Activity ◽  
Asset Price ◽  
Price Effects

scholarly journals Symposium on the Monetary Transmission Mechanism

1995 ◽  
Vol 9 (4) ◽  
pp. 3-10 ◽  
Author(s):  
Frederic S Mishkin
Keyword(s):  
Exchange Rate ◽  
Asset Price ◽  
Transmission Mechanism ◽  
Monetary Transmission ◽  
Credit Channel ◽  
Monetary Transmission Mechanism ◽  
Transmission Mechanisms ◽  
Price Effects ◽  
Rate Effects ◽  
Monetary Transmission Mechanisms

Understanding of monetary transmission mechanisms is crucial to answering a broad range of questions. These transmission mechanisms include interest-rate effects, exchange-rate effects, other asset price effects, and the so-called credit channel. This introduction to the symposium provides an overview of the main types of monetary transmission mechanisms found in the literature and a perspective on how the papers in the symposium relate to the overall literature and to each other.

Price Effects of Dual-Class Shares

1986 ◽  
Vol 42 (1) ◽  
pp. 58-67 ◽  
Author(s):  
Vijay M. Jog ◽  
Allan L. Riding
Keyword(s):  
Price Effects ◽  
Dual Class Shares ◽  
Dual Class

The Micro and Macro of Managerial Beliefs

2020 ◽  
Author(s):  
Jose Maria Barrero
Keyword(s):  
Rational Expectations ◽  
Asset Price ◽  
Heterogeneous Firms ◽  
Adjustment Costs ◽  
Consumer Welfare ◽  
Sales Growth ◽  
Firm Level ◽  
Managerial Decisions ◽  
Managerial Beliefs ◽  
Growth Volatility

This paper studies how biases in managerial beliefs affect managerial decisions, firm performance, and the macroeconomy. Using a new survey of US managers I establish three facts. (1) Managers are not over-optimistic: sales growth forecasts on average do not exceed realizations. (2) Managers are overprecise (overconfident): they underestimate future sales growth volatility. (3) Managers overextrapolate: their forecasts are too optimistic after positive shocks and too pessimistic after negative shocks. To quantify the implications of these facts, I estimate a dynamic general equilibrium model in which managers of heterogeneous firms use a subjective beliefs process to make forward-looking hiring decisions. Overprecision and overextrapolation lead managers to overreact to firm-level shocks and overspend on adjustment costs, destroying 2.1 percent of the typical firm’s value. Pervasive overreaction leads to excess volatility and reallocation, lowering consumer welfare by 0.5 to 2.3 percent relative to the rational expectations equilibrium. These findings suggest overreaction may amplify asset-price and business cycle fluctuations.

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