What drives stock prices? Fundamentals, bubbles and investor behavior.

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What drives stock prices? Fundamentals, bubbles and investor behavior.

Using a dynamic version of the present value model and a range of developed and Asian emerging markets, this paper considers estimates of stock market prices given expectations on dividends and earnings and compares these fundamental stock prices with actual stock prices. The reported empirical resu...

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Bibliographic Details
Main Authors:	Chen, Y., Fraser, Patricia
Format:	Working Paper
Published:	School of Economics and Finance, Curtin Business School 2009
Subjects:	rational bubble risk premium cash flow Present value price deviation
Online Access:	http://hdl.handle.net/20.500.11937/41161

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