Perpetual learning and stock return predictability

被引：4

作者：

Zhu, Xiaoneng ^{[1
]}

机构：

[1] Cent Univ Finance & Econ, Chinese Acad Finance & Dev, Beijing 100081, Peoples R China

来源：

ECONOMICS LETTERS | 2013年 / 121卷 / 01期

关键词：

Excess return; Learning; Forecasts; Stock returns; MODEL; RISK; BUBBLES; CRASHES;

D O I：

10.1016/j.econlet.2013.06.035

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The stock market is evolving, and investors are learning. This paper investigates the role of perpetual learning in excess return forecasts. We find that perpetual learning usually delivers statistically and economically significant out-of-sample gains relative to the historical average. (c) 2013 Elsevier B.V. All rights reserved.

引用

页码：19 / 22

页数：4

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