| Investors Thinking and Stock Price Excess Volatility |
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| 作者姓名： | LI Honggang |
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| 作者单位： | Department of Systems Science，Beijing Normal University，Beijing 100875，China |
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| 摘 要： | Muchhasbeenstudiedonreasonsoftheobservablefeaturesofstockmarketprices,suchastheirunpredictable,fluctuatingnatureandtheirirregularitytoswitchfromgenerallybulmarketpricestobearmarketpricesorviceversa.Theconventionalargumentisthattheerraticstockpricesreflectthemore-or-lessrandomnews.But,therehasbeenconcernonthesthcalled"excessvolatility",namely,somefluctuationsofthesepricemovementsmayhaveexceededwhatwouldbeexplainedbyrationalfundamentalvalueadjustmentbasedontherandomnews.Recently,theroleofpsychol…
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Investors Thinking and Stock Price Excess Volatility |
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| LI Honggang.Investors Thinking and Stock Price Excess Volatility[J].Journal of Systems Science and Systems Engineering,1999(1). |
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| Authors: | LI Honggang |
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| Abstract: | This paper presents a simplified dynamic model to explore the dynamic mechanism inexcess volatility of stock prices. We attempt to show how investors thinking work for explaining theobservable features of stock market Prices. |
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| Keywords: | Fundamental value Excess volatility Internal dynamics of investor thinking |
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