TY - GEN
T1 - Prospect Theory and Stock Returns: An Empirical Test (Digest Summary)
T2 - N. Barberis, A. Mukherjee & B. Wang: Review of Financial Studies, Vol. 29 (November 2016), 3068-3107
AU - Jackson, Antony
N1 - CFA Digest Summary of 'Prospect Theory and Stock Returns: An Empirical Test'; N. Barberis, A. Mukherjee & B. Wang, Review of Financial Studies, Vol. 29, No. 11 (November 2016): 3068-3107.
PY - 2017/5
Y1 - 2017/5
N2 - Investors who use prospect theory to evaluate stocks according to their historical return distributions may excessively bid up stocks with high historical mean returns, low volatilities, and positive skewness. The authors find a negative relationship between stocks’ prospect theory values and their future returns in the cross section.
AB - Investors who use prospect theory to evaluate stocks according to their historical return distributions may excessively bid up stocks with high historical mean returns, low volatilities, and positive skewness. The authors find a negative relationship between stocks’ prospect theory values and their future returns in the cross section.
UR - https://doi.org/10.1093/rfs/hhw049
M3 - Book/Film/Article review
VL - 47
JO - CFA Digest
JF - CFA Digest
PB - CFA Institute
ER -