Money illusion in the stock market: the Modigliani-Cohn hypothesis
"Modigliani and Cohn [1979] hypothesize that the stock market suffers from money illusion, discounting real cash flows at nominal discount rates. While previous research has focused on the pricing of the aggregate stock market relative to Treasury bills, the money-illusion hypothesis also has i...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11018 |
| Schlagworte: | |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | "Modigliani and Cohn [1979] hypothesize that the stock market suffers from money illusion, discounting real cash flows at nominal discount rates. While previous research has focused on the pricing of the aggregate stock market relative to Treasury bills, the money-illusion hypothesis also has implications for the pricing of risky stocks relative to safe stocks. Simultaneously examining the pricing of Treasury bills, safe stocks, and risky stocks allows us to distinguish money illusion from any change in the attitudes of investors towards risk. Our empirical resuts support the hypothesis that the stock market suffers from money illusion"--National Bureau of Economic Research web site. |
| Beschreibung: | 36 S. graph. Darst. |
Internformat
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| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Stocks |x Econometric models | |
| 700 | 1 | |a Polk, Christopher |e Verfasser |0 (DE-588)129251690 |4 aut | |
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Datensatz im Suchindex
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| id | DE-604.BV023591225 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:28Z |
| indexdate | 2024-07-09T21:25:10Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016906555 |
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| physical | 36 S. graph. Darst. |
| publishDate | 2005 |
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| publisher | National Bureau of Economic Research |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Cohen, Randolph B. Verfasser (DE-588)124550754 aut Money illusion in the stock market the Modigliani-Cohn hypothesis Randolph B. Cohen ; Christopher Polk ; Tuomo Vuolteenaho Cambridge, Mass. National Bureau of Economic Research 2005 36 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11018 "Modigliani and Cohn [1979] hypothesize that the stock market suffers from money illusion, discounting real cash flows at nominal discount rates. While previous research has focused on the pricing of the aggregate stock market relative to Treasury bills, the money-illusion hypothesis also has implications for the pricing of risky stocks relative to safe stocks. Simultaneously examining the pricing of Treasury bills, safe stocks, and risky stocks allows us to distinguish money illusion from any change in the attitudes of investors towards risk. Our empirical resuts support the hypothesis that the stock market suffers from money illusion"--National Bureau of Economic Research web site. Ökonometrisches Modell Stocks Econometric models Polk, Christopher Verfasser (DE-588)129251690 aut Vuolteenaho, Tuomo Verfasser (DE-588)129252670 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11018 (DE-604)BV002801238 11018 http://papers.nber.org/papers/w11018.pdf kostenfrei Volltext |
| spellingShingle | Cohen, Randolph B. Polk, Christopher Vuolteenaho, Tuomo Money illusion in the stock market the Modigliani-Cohn hypothesis National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Stocks Econometric models |
| title | Money illusion in the stock market the Modigliani-Cohn hypothesis |
| title_auth | Money illusion in the stock market the Modigliani-Cohn hypothesis |
| title_exact_search | Money illusion in the stock market the Modigliani-Cohn hypothesis |
| title_exact_search_txtP | Money illusion in the stock market the Modigliani-Cohn hypothesis |
| title_full | Money illusion in the stock market the Modigliani-Cohn hypothesis Randolph B. Cohen ; Christopher Polk ; Tuomo Vuolteenaho |
| title_fullStr | Money illusion in the stock market the Modigliani-Cohn hypothesis Randolph B. Cohen ; Christopher Polk ; Tuomo Vuolteenaho |
| title_full_unstemmed | Money illusion in the stock market the Modigliani-Cohn hypothesis Randolph B. Cohen ; Christopher Polk ; Tuomo Vuolteenaho |
| title_short | Money illusion in the stock market |
| title_sort | money illusion in the stock market the modigliani cohn hypothesis |
| title_sub | the Modigliani-Cohn hypothesis |
| topic | Ökonometrisches Modell Stocks Econometric models |
| topic_facet | Ökonometrisches Modell Stocks Econometric models |
| url | http://papers.nber.org/papers/w11018.pdf |
| volume_link | (DE-604)BV002801238 |
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