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Learning in Financial Markets
Lubos Pastor Pietro Veronesi ()
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Pietro Veronesi: Booth School of Business, University of Chicago, Chicago, Illinois 60637
, 2009, vol. 1, issue 1, pages 361-381
Annual Review of Financial Economics 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.
Keywords: Bayesian; uncertainty; bubble; volatility; predictability (search for similar items in EconPapers)
JEL-codes: D83 G11 G12 G23 L25 (search for similar items in EconPapers)
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Related works: Working Paper: Learning in Financial Markets (2009) Working Paper: Learning in Financial Markets (2009) This item may be available elsewhere in EconPapers: Search for items with the same title.
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