Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/55238 
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dc.contributor.authorGürtler, Marcen
dc.contributor.authorHartmann, Noraen
dc.date.accessioned2012-02-06-
dc.date.accessioned2012-02-10T15:38:42Z-
dc.date.available2012-02-10T15:38:42Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/55238-
dc.description.abstractSince the equity premium as well as the risk-free rate puzzle question the concepts central to financial and economic modeling, we apply behavioral decision theory to asset pricing in view of solving these puzzles. U.S. stock market data for the period 1960-2003 and German stock market data for the period 1977-2003 show that emotional investors who act in accordance to Bell's (1985) disappointment theory - a special case of prospect theory − and additionally administer mental accounts demand a high equity premium. Furthermore, these investors reason a low risk-free rate. However, Barberis/Huang/Santos (2001) already showed that limited rational investors demand a high equity premium. But as opposed to them, our approach additionally supports dividend smoothing.en
dc.language.isogeren
dc.publisher|aTechnische Universität Braunschweig, Institut für Finanzwirtschaft |cBraunschweigen
dc.relation.ispartofseries|aWorking Paper Series |xFW10V3en
dc.subject.jelG12en
dc.subject.jelG35en
dc.subject.ddc330en
dc.subject.keywordBehavioral Financeen
dc.subject.keywordEquity Premium Puzzleen
dc.subject.keywordCCAPMen
dc.subject.keywordDividend Smoothingen
dc.titleThe equity premium puzzle and emotional asset pricing-
dc.typeWorking Paperen
dc.identifier.ppn684775131en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:tbsifw:FW10V3en

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