Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Mathematics in Practice and Theory》 2013-17
Add to Favorite Get Latest Update

Heterogeneous Information,Heterogeneous Prior Beliefs and Equilibrium Asset Prices

HUANG Shi-guo;YUAN Ke-hong;ZHOU Bing-chang;Department of Mathematics and Information Science,Zhengzhou University of Light Industry;Department of Mathematics and Physics,Luoyang Institute of Science and Technology;School of Science,Northwestern Polytechnical University;  
Under the short-selling constraint,we put heterogeneous information and heterogeneous prior beliefs into one analytical framework,and deduce the equilibrium asset pricing model.Our analyses show that two types of heterogeneity affect the asset prices,but have different impacts on price volatility.More heterogeneous information investors or enhancement of heterogenous degree of prior beliefs will accelerate ups or downs of asset prices,even lead to hubble or crash,which are different with Miller's and others results.
【Fund】: 国家自然科学基金(11102155);; 河南省软科学项目(122400450327);; 河南省教育厅科技研究重点项目(12A110025);; 西北工业大学基础研究基金项目(NPU-FFR-JC20110282)
【CateGory Index】: F224;F830.9
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
Chinese Journal Full-text Database 3 Hits
1 WANG Feng-rong ZHAO Jian;Pricing Model Based on Heterogeneity Beliefs——An Empirical Study on China's Stock Market Prices[J];Economic Management;2006-18
2 Gao Feng & Song Fengming (School of Economics and Management, Tsinghua University);Test on Rational Expectation Hypothesis in China Stock Market[J];Economic Research Journal;2003-03
3 CHEN Guojin Zhang Yijun;Short Sale Restriction,Heterogeneous Beliefs and Stock Price Crash in China[J];Journal of Financial Research;2009-04
Chinese Journal Full-text Database 10 Hits
1 XU Li-ping,LIU Jian-he(Finance School,Zhejiang University of Finance and Economics,Hangzhou 310018,China);Study of the Recommending Effect of the Securities Analyst on market[J];Collected Essays on Finance and Economics;2008-04
2 MA Jian,LIU Zhi-xin(School of Economic and Management,Beihang University,Beijing 100191,China);Corporate Financial Decision Based on Heterogeneous Beliefs[J];Systems Engineering;2010-07
3 by Xiao Junxi and Wang Qingshi;The Transaction Cost, Assets Pricing Based on Consumption, and the Puzzle in Share Ownership Premium: an Analysis of the Experiences from China's Stock Market[J];Management World;2004-12
4 XU Yan XIE Chi (Hunan University,Changsha,China);Investors' Heterogeneous Beliefs and Asset Pricing[J];Chinese Journal of Management;2009-10
5 LIU Shan-cun,XIN Rong,SONG Dian-yu(School of Economics and Management,Beihang University,Beijing 100191,China);Investors’ Bounded Rationality and the Cost Effect of Information Disclosure[J];Systems Engineering;2013-01
6 Yao Leilei,Zhang Jinchang(Graduate School of Chinese Academy of Social Sciences,Beijing 102488,China);Empirical Analysis on Relations between Rating Opinion and Stock Price[J];Contemporary Economy & Management;2013-03
7 WANG Lin,ZHANG Li-ping (School of Finance and Banking,Hebei University of Economy and Trade,Shijiazhuang,050061,China);Research of the Influence of Financing and Securities Loans on the Bank Shares in China[J];Journal of Guangxi University of Finance and Economics;2013-01
8 LU Xian-wei1,WANG Jian-qiong1,MA Li-sha1,2(1.School of Economics & Management,Southwest JiaoTong University,Chengdu 610031,China;2.School of Business,Chengdu University of Technology,Chengdu 610059,China);Short-sale Constraints and the Informativeness of Earnings[J];Systems Engineering;2013-07
9 XU Yue,LIU Zhi-xin(School of Economics and Management,Beihang Univ,Beijing 100191,China);Heterogeneous Beliefs,Short-buy and Stock Market Liquidity in Downturn[J];Journal of Hunan University(Natural Sciences);2011-05
10 SHI Jin-yan,ZHAO Jiang-shan,ZHANG Mao-jun Department of Economics,Dalian University of Technology,Dalian 116024,China;The Equilibrium Asset Pricing Model Based on Investors' Heterogeneous Beliefs[J];Journal of Management Science;2009-06
China Proceedings of conference Full-text Database 1 Hits
1 ;异质预期、群体演化与资产价格波动[A];[C];2011
【Secondary Citations】
Chinese Journal Full-text Database 4 Hits
1 ZHANG Wei~(1,2),ZHANG Yong-jie~11.Management School,Tianjin University,Tianjin 300072,China;2.Tianjin University of Finance and Economics,Tianjin 300222,China;Heterogeneous beliefs,short-selling constraints and the asset prices[J];Journal of Management Sciences in China;2006-04
2 Gao Feng & Song Fengming (School of Economics and Management, Tsinghua University);Test on Rational Expectation Hypothesis in China Stock Market[J];Economic Research Journal;2003-03
3 Xiong Heping(Business School of Wuhan Universty,Advanced Study of Wuhan University);Habit Formation,Heterogeneous Preferences and the Dynamics of Asset Prices: Pure Exchange Economy Case[J];Economic Research Journal;2005-10
4 ;Heterogeneity Investors and Asset Pricing: A New Capital Asset Pricing Model[J];Quantitative & Technica Economics;2005-06
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved