Uncertainty and Valuations: A Comment

Lubos Pastor and Pietro Veronesi

Critical Finance Review, 2016, vol. 5, issue 1, 129-134

Abstract: Cremers and Yan (2016) aim to provide “an additional litmus test for the uncertainty-convexity argument in Pástor and Veronesi (2003).†We challenge this view, as well as the authors’ related thoughts on the technology “bubble†of the late 1990s. Nonetheless, we agree with Cremers and Yan that our profession needs to think harder about the measurement of parameter uncertainty.

Keywords: Uncertainty; Convexity; Stock valuation; Bubble (search for similar items in EconPapers)
JEL-codes: G12 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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