The Ex Post Rational Price is Certainly Ex Post, It Might Be Rational, But Is It Useful?

Mark Kamstra ()

Discussion Papers from Department of Economics, Simon Fraser University

Abstract: This paper investigates the ex post rational price of Shiller (1981) to determine if it is a reliable guide to fundamental valuations of dividend-yielding assets. The ex post rational price is widely used to determine whether stock market price movements are rational responses to market news or not, and as such may prove pivotal to policy-makers in determining regulation of new and existing capital markets.

Keywords: PRICING; PRICES (search for similar items in EconPapers)
JEL-codes: C14 C15 C22 C53 G12 N22 (search for similar items in EconPapers)
Pages: 13 pages
Date: 1998
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