Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
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Heterogeneity is Behavioural<br />
Challenge is Market Aggregation<br />
Distribution of Average of Survey Expected Returns 1998 - 2001<br />
35%<br />
30%<br />
1998 2001<br />
Relative Frequency<br />
25%<br />
20%<br />
15%<br />
10%<br />
5%<br />
0%<br />
30%<br />
Expected Return<br />
Copyright Hersh <strong>Shefrin</strong> <strong>2008</strong><br />
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