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SUMMARY:“Superstitious” Investors
DTSTART:20190404T103000
DTEND:20190404T120000
DTSTAMP:20260407T003000Z
UID:50156cf87e7b96e301b78527b08aaf3c7827c5dcda8780988c318704
CATEGORIES:Conferences - Seminars
DESCRIPTION:Jessica A. WACHTER\, The Wharton School\, University of Pennsy
 lvania\nWe consider an economy in which investors believe dividend growth 
 is predictable\, when in reality it is not. We show that these beliefs lea
 d to excess volatility and return predictability. We also show that these 
 beliefs are rational in the face of evidence on dividend growth. We apply 
 this framework to explaining the value premium\, predictability of bond re
 turns\, and the violation of uncovered interest rate parity.\n 
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STATUS:CONFIRMED
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