Learning in Financial Markets
Posted: 4 Jun 2010
There are 4 versions of this paper
Learning in Financial Markets
Learning in Financial Markets, Forthcoming, Chicago Booth School of Business Research Paper No. 08-28
Number of pages: 30
Posted: 08 Jan 2009
Downloads
4,207
Learning in Financial Markets
NBER Working Paper No. w14646
Number of pages: 30
Posted: 19 Jan 2009
Last Revised: 10 Jul 2022
Downloads
152
Learning in Financial Markets
CEPR Discussion Paper No. DP7127
Number of pages: 31
Posted: 18 Feb 2009
Downloads
7
Date Written: December 2009
Abstract
We survey the recent literature on learning in financial markets. Our main theme is that many financial market phenomena that appear puzzling at first sight are easier to understand once we recognize that parameters in financial models are uncertain and subject to learning. We discuss phenomena related to the volatility and predictability of asset returns, stock price bubbles, portfolio choice, mutual fund flows, trading volume, and firm profitability, among others.
Suggested Citation: Suggested Citation
Pastor, Lubos and Veronesi, Pietro, Learning in Financial Markets (December 2009). Available at SSRN: https://ssrn.com/abstract=1599427 or http://dx.doi.org/10.1146/annurev.financial.050808.114428
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