재무관리연구 (The Korean Journal of Financial Management)
- 제15권1호
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- Pages.31-39
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- 1998
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- 1225-0759(pISSN)
내재적 거품모형에 관한 이론적 연구
Intrinsic bubbles in the case of stock prices : A note
초록
A simple general equilibrium model, where risk aversion and dividend process switching play a key role, shows that a stock price in a bubble-free economy can be observationally equivalent to that of the intrinsic bubble economy. Specifically, I seek a set of conditions under which the functional form of asset prices in the bubble-free economy is the same as that in the intrinsic bubble approach.
키워드