Extrapolation of Investors' Returns and Mispricing of Stocks
This paper studies the relationship between extrapolation of investors'returns and the degree of stock mispricing.Based on the stock data of A-share listed companies in Shanghai and Shenzhen from 2000 to 2021,this paper studies the influence of investors'returns extrapolation behavior on stock mis-pricing,and analyzes the law of the influence of investors'returns extrapolation behavior on stock mis-pricing under different empowerment,and discusses the influence of economic state on the relationship between investors'returns extrapolation behavior and stock mispricing.The results show that:The be-havior of investors'return extrapolation promotes the mispricing of stocks;The greater the weight of in-vestors'extrapolated rate of return,the stronger the influence on stock mispricing;The economic state moderates the relationship between investors'returns extrapolation behavior and stock mispricing,espe-cially during the economic upswing,and also promotes investors'returns extrapolation behavior,leading to a greater degree of overvaluation of stocks,and alleviating the degree of underestimation of stock val-ue.The research not only enriches the pricing theory,but also provides empirical evidence for the stable development of financial markets.
extrapolation of investors'returnextrapolated rate of returnstock mispricingeconomic state
万方数据
维普
