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Three Essays in Behavioural Asset Pricing
thesis
posted on 2022-09-14, 05:29authored byBROOKE ASHLEY PEEL
Trust that assets are fairly priced is an important feature of well-functioning capital markets. However, there are examples where the prices of assets are difficult to reconcile with fundamental values. It is therefore important to understand the source of such mispricing. This thesis provides novel evidence regarding how stocks with particular characteristics can become temporarily mispriced as a result of biases in the decision-making of investors. This thesis reports evidence consistent with investor under-reaction and preferences for lottery-like stock returns being important in explaining prominent examples of mispricing.