Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Market Prices Reflect<br />
Both Fundamentals and Sentiment<br />
Fundamental behavioural theorem<br />
about the SDF, the market’s DNA.<br />
The log-SDF can be decomposed into<br />
the sum of a neoclassical fundamental<br />
component and sentiment.<br />
SDF provides an integrated approach to<br />
<strong>asset</strong> <strong>pricing</strong>.<br />
Copyright Hersh <strong>Shefrin</strong> <strong>2008</strong><br />
36
Change language