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    What drives stock prices? Fundamentals, bubbles and investor behavior.

    131093_13291_Fraser_ Pat_What drives stock prices - July 2009.pdf (432.6Kb)
    Access Status
    Open access
    Authors
    Chen, Y.
    Fraser, Patricia
    Date
    2009
    Type
    Working Paper
    
    Metadata
    Show full item record
    Citation
    Chen, Yen-Hsiao and Fraser, Patricia. 2009. What drives stock prices? Fundamentals, bubbles and investor behavior., School of Economics and Finance Working Paper Series: no. 200905. Curtin University of Technology, School of Economics and Finance.
    Faculty
    Curtin Business School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/41161
    Collection
    • Curtin Research Publications
    Abstract

    Using a dynamic version of the present value model and a range of developed and Asian emerging markets, this paper considers estimates of stock market prices given expectations on dividends and earnings and compares these fundamental stock prices with actual stock prices. The reported empirical results suggest that a dynamic present value model combined with differing definitions of cash flows can explain actual stock price movements for many of the sample markets. For markets where price deviations from fundamental value are statistically significant, the revealed deviations are investigated by considering types of investor behavior which might drive such departures.

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