Myopia, the 'Dividend Puzzle', and Share Prices.
The view that the stock market is myopic is commonly expressed in the financial press. However, the existing econometric evidence does not support this view. In this paper, we report econometric evidence suggesting that the market attaches too high a weight to current dividends relative to future di...
| Main Authors: | , |
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| Format: | Working paper |
| Language: | English |
| Published: |
CEPR
1987
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