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dc.creatorMondria, J. (Jordi)-
dc.creatorVives, X. (Xavier)-
dc.creatorYang, L. (Liyan)-
dc.date.accessioned2021-07-09T08:18:10Z-
dc.date.available2021-07-09T08:18:10Z-
dc.date.issued2021-02-12-
dc.identifier.citationJordi Mondria, Xavier Vives, Liyan Yang. CostlyiInterpretation of asset prices. Management Science 0 (0) https://doi.org/10.1287/mnsc.2020.3871es_ES
dc.identifier.issn1526-5501-
dc.identifier.urihttps://hdl.handle.net/10171/61082-
dc.description.abstractWe propose a model in which investors cannot costlessly process information from asset prices. At the trading stage, investors are boundedly rational, and their interpretation of prices injects noise into the price, generating a source of endogenous noise trading. Our setup predicts price momentum and yields excessive return volatility and excessive trading volume. In an overall equilibrium, investors optimally choose sophistication levels by balancing the benefit of beating the market against the cost of acquiring sophistication. There can exist strategic complementarity in sophistication acquisition, leading to multiple equilibria.es_ES
dc.language.isoenges_ES
dc.publisherINFORMSes_ES
dc.rightsinfo:eu-repo/semantics/openAccesses_ES
dc.subjectInvestor sophisticationes_ES
dc.subjectPrice momentumes_ES
dc.subjectAsset priceses_ES
dc.subjectComplementarityes_ES
dc.subjectSofisticación del inversores_ES
dc.subjectImpulso de precioses_ES
dc.subjectPrecios de los activoses_ES
dc.subjectComplementariedades_ES
dc.titleCostly interpretation of asset priceses_ES
dc.typeinfo:eu-repo/semantics/articlees_ES
dc.relation.publisherversionhttps://doi.org/10.1287/mnsc.2020.3871es_ES
dc.publisher.placeEstados Unidos de Américaes_ES
dc.description.noteCC BYes_ES
dc.identifier.doi10.1287/mnsc.2020.3871-
dadun.citation.number0es_ES
dadun.citation.publicationNameManagement Sciencees_ES
dadun.citation.volume0es_ES

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