| Titre | Une évaluation de l'importance des anticipations boursières des experts | |
|---|---|---|
| Auteur | Auguste Mpacko Priso | |
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Revue | Economie et prévision |
| Numéro | no 136, 1998/5 | |
| Page | 49-61 | |
| Résumé anglais |
An Evaluation of the Importance of Expert Stock Price Expectations
by Auguste Mpacko Priso
What role do economic and financial experts' stock price expectations play? Can traders use these expectations as a benchmark? This paper sets out to provide some answers to these questions using the results of the Livingston survey. A causality study shows that expert nominal stock price expectations can be used to improve ordinary traders' price forecasts. However, expert forecasts do not provide enough information to improve stock yield and stock risk premium expectations, which are the variables used in portfoUo decisions. A study of the dynamics between expert stock price expectations and actual prices shows that expert expectations are formed on the basis of an error correction mechanism. Lastly, we show that stock prices change as if they were using expert expectations as a target. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1998_num_136_5_5937 |
