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Stock Prices and Fundamentals: A Macroeconomic Perspective

✍ Scribed by Kiley, Michael T.

Book ID
123881022
Publisher
University of Chicago Press
Year
2004
Tongue
English
Weight
284 KB
Volume
77
Category
Article
ISSN
0021-9398

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Market fundamentals versus rational bubb
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## Abstract Using Bayesian Markov chain Monte Carlo methods, we decompose the log price‐dividend ratio into a market fundamentals component and a bubble component. The market fundamentals component depends on expectations of future dividend growth and required returns, while the bubble component is