Lecture
Asset Pricing: Excess Volatility Puzzle
In course
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Description
This lecture delves into the Excess Volatility Puzzle, exploring the discrepancies between stock prices and fundamental values, the implications of constant discount rates, and the predictability of returns and dividends. The discussion covers the Grossman-Shiller plot, the Campbell-Shiller decomposition, and the derivation of the Black and Scholes formula.
Instructor
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Official source
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