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[Seminar] 財金系 4/24 (二) 下午 14:30 邀請 Hebrew University 的 Prof. Doron Avramov 演講
活動起日:2018-04-24 
發佈日期:2018-04-16 
瀏覽數:100  2018-04-16 更新

本系擬於 4/24 () 邀請 Hebrew University Prof. Doron Avramov 至本所進行專題演講,相關訊息如下:

 

【演講訊息】

時間: 4/24 () 14:30-16:00

地點: 管理學院一號館 204 教室

講者Prof. Doron Avramov

講題: Bonds, Stocks, and Sources of Mispricing

 

Abstract: 

The intersection of high market sentiment and firm-level financial distress characterizes episodes of inflated bond and stock prices to the extent that such securities are correctly priced otherwise. Asset overvaluation is attributable to sentiment-driven investors, both retail and institutional, who underestimate the severe implications of financial distress for firms' future prospects. Anomalous patterns in the cross-section of stock and bond returns emerge as overpricing is corrected. As anomalous patterns concentrate in a remarkably small fraction of firm-month observations, violations of the market efficiency paradigm (at least due to anomalies) are not so egregious after all.