TAILIEUCHUNG - Investor Sentiment in the Stock Market

Don't let my severe words of caution scare you away from trying this- but do pay close attention to what you are doing because this is a delicate procedure. Check and adjust the guides on the band saw, then fit a wide blade onto it, ¾" is best. A wide blade is necessary because when the blade is cutting a full six inches or more, there is a lot of pressure against the blade and it can be flexed backward. This can cause the blade to buckle slightly, and then it wanders severely to one side or the other. A. | Journal of Economic Perspectives Volume 21 Number 2 Spring 2007 Pages 129-151 Investor Sentiment in the Stock Market Malcolm Baker and Jeffrey Wurgler The history of the stock market is full of events striking enough to earn their own names the Great Crash of 1929 the Tronics Boom of the early 1960s the Go-Go Years of the late 1960s the Nifty Fifty bubble of the early 1970s the Black Monday crash of October 1987 and the Internet or bubble of the 1990s. Each of these events refers to a dramatic level or change in stock prices that seems to defy explanation. The standard finance model in which unemotional investors always force capital market prices to equal the rational present value of expected future cash flows has considerable difficulty fitting these patterns. Researchers in behavioral finance have therefore been working to augment the standard model with an alternative model built on two basic assumptions. The first assumption laid out in Delong Shleifer Summers and Waldmann 1990 is that investors are subject to sentiment. Investor sentiment defined broadly is a belief about future cash flows and investment risks that is not justified by the facts at hand. The second assumption emphasized by Shleifer and Vishny 1997 is that betting against sentimental investors is costly and risky. As a result rational investors or arbitrageurs as they are often called are not as aggressive in forcing prices to fundamentals as the standard model would suggest. In the language of modern behavioral finance there are limits to arbitrage. Recent stock market history has cooperated nicely providing the Internet bubble and the ensuing Nasdaq and telecom crashes and thus validating the two premises of behavioral finance. A period of extraordinary investor sentiment pushed the prices Malcolm Baker is Associate Professor of Finance Haivaicl Business School Boston Massachusetts. Jeffrey Wurgler is Associate Professor of Finance Stern School of Business New York University New .

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