ar X iv : c on d - m at / 0 31 13 06 v 1 1 3 N ov 2 00 3 Does the price multiplier effect also hold for stocks ?
نویسنده
چکیده
The price multiplier effect provides precious insight into the behavior of investors during episodes of speculative trading. It tells us that the higher the price of an asset is (within a set of similar assets) the more its price is likely to increase during the upgoing phase of a speculative price peak. In short, instead of being risk averse, as is often assumed, investors rather seem to be “risk prone”. While this effect is known to hold for several sorts of assets, it has not yet been possible to test it for stocks because the price of one share has no intrinsic significance which means that one cannot say that a stock A is more expensive than a stock B on the basis of its price. In this paper we show that the price-dividend ratio gives a good basis for assessing the price of stocks in an intrinsic way. When this alternative measure is used instead, it turns out that the price multiplier effect also holds for stocks, at least if one concentrates on samples of companies which are sufficiently homogeneous.
منابع مشابه
ar X iv : h ep - l at / 0 11 00 06 v 3 6 N ov 2 00 1 1 Matrix elements of ∆ S = 2 operators with Wilson fermions
متن کامل
ar X iv : c on d - m at / 0 31 13 63 v 1 1 5 N ov 2 00 3 Tunneling effect of the spin - 2 Bose condensate driven by external magnetic fields
In this paper, we have studied tunneling effect of the spin-2 Bose condensate driven by external magnetic field. We find that the population transfers among spin-0 and spin-±1, spin-0 and spin-±2 exhibit the step structure under the external cosinusoidal magnetic field respectively , but there do not exist step structure among spin-±1 and spin-±2. The tunneling current among spin-±1 and spin-±2...
متن کاملar X iv : m at h / 06 11 45 2 v 1 [ m at h . A G ] 1 5 N ov 2 00 6 UNIRATIONALITY OF CERTAIN SUPERSINGULAR K 3 SURFACES IN CHARACTERISTIC
We show that every supersingular K3 surface in characteristic 5 with Artin invariant ≤ 3 is unirational.
متن کاملar X iv : c on d - m at / 0 21 13 31 v 1 1 5 N ov 2 00 2 Universality classes in creep rupture
Ferenc Kun, Yamir Moreno, Raul Cruz Hidalgo, Hans. J. Herrmann Department of Theoretical Physics, University of Debrecen, P.O.Box: 5, H-4010 Debrecen, Hungary The Abdus Salam International Center for Theoretical Physics (ICTP), Condensed Matter Group, P.O.Box: 586, I-34014 Trieste, Italy, Institute for Computational Physics, University of Stuttgart, Pfaffenwaldring 27, 70569 Stuttgart, Germany ...
متن کاملar X iv : m at h / 04 11 06 2 v 1 [ m at h . O A ] 3 N ov 2 00 4 On automorphisms of type II Arveson systems ( probabilistic approach )
A counterexample to the conjecture that the automorphisms of an arbitrary Arveson system act transitively on its normalized units.
متن کامل