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The valuation of growth and investor...

Arizona State University.

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The valuation of growth and investor sentiment.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	The valuation of growth and investor sentiment./
作者:	Gao, Zhan.
面頁冊數:	85 p.
附註:	Source: Dissertation Abstracts International, Volume: 69-03, Section: A, page: 1049.
Contained By:	Dissertation Abstracts International69-03A.
標題:	Business Administration, Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3304835
ISBN:	9780549515432

The valuation of growth and investor sentiment.
Gao, Zhan.

The valuation of growth and investor sentiment. - 85 p.

Source: Dissertation Abstracts International, Volume: 69-03, Section: A, page: 1049.

Thesis (Ph.D.)--Arizona State University, 2008.

The valuation of growth, measured as the sensitivity of the forward P/E ratio to analyst growth forecasts, fluctuates over time. This study investigates whether these fluctuations can be explained by investor sentiment. The testable prediction is that investor sentiment affects the valuation of growth, both in the cross section and at the aggregate market level. Empirical analyses show that growth is valued high in the cross section when measures for irrational sentiment are high. At the market level, sentiment measures are shown to have conditional effect on the time-series relation between the market P/E ratio and aggregate growth forecasts. Future return patterns based on growth-related characteristics are consistent with the hypothesis that sentiment causes mispricing on stocks whose earnings are expected to grow fast and stocks whose growth is valued too extremely.

ISBN: 9780549515432Subjects--Topical Terms:

1020666
Business Administration, Accounting.

The valuation of growth and investor sentiment.
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