Analysis on the Influence of Dividend Volatility on the Evolution Characteristics of Stock Price
To explore the impacts of dividend volatility on the evolution characteristics of stock prices,this paper constructs a heterogeneous investor model,and analyzes this model through theoretical derivation,numerical simulation and empirical testing.The main research conclusions include:The state of stock price evolution is sensitive to the learning intensity of the trend inves-tors.When the learning intensity is low,the stock price would converge to its basic value.When a certain threshold is exceeded,the stock price deviates from its basic value and shows a new e-quilibrium.With the further increase of learning intensity,the stock price will show a closed-loop cyclic solution.There is also a threshold for the dividend volatility.The impacts of dividend vola-tility on the volatility of stock price are in the opposite direction on two sides of this threshold.
dividend fluctuationthe evolution characteristics of stock pricetime-varying risk a-versiondynamic financial system
万方数据
维普
