{"title":"Nobel Lecture: Multiple Equilibria","authors":"Philip H. Dybvig","doi":"10.1086/725792","DOIUrl":"https://doi.org/10.1086/725792","url":null,"abstract":"Journal of Political Economy, Ahead of Print. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"66 9","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Information Acquisition, Efficiency, and Nonfundamental Volatility","authors":"Benjamin Hébert, Jennifer La’O","doi":"10.1086/724575","DOIUrl":"https://doi.org/10.1086/724575","url":null,"abstract":"Journal of Political Economy, Ahead of Print. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"66 7","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Nobel Lecture: Financial Intermediaries and Financial Crises","authors":"Douglas W. Diamond","doi":"10.1086/725793","DOIUrl":"https://doi.org/10.1086/725793","url":null,"abstract":"Journal of Political Economy, Ahead of Print. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"65 45","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167069","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Competition and Information Leakage","authors":"Markus Baldauf, Joshua Mollner","doi":"10.1086/727709","DOIUrl":"https://doi.org/10.1086/727709","url":null,"abstract":"","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135826870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of Political Economy, Volume 131, Issue 9, Page 2595-2595, September 2023.
《政治经济学》，第131卷第9期，第2595-2595页，2023年9月。
{"title":"JPE Turnaround Times","authors":"","doi":"10.1086/727467","DOIUrl":"https://doi.org/10.1086/727467","url":null,"abstract":"Journal of Political Economy, Volume 131, Issue 9, Page 2595-2595, September 2023. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"65 34","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
P. Bordalo, N. Gennaioli, Rafael la Porta, A. Shleifer
We construct an index of long term expected earnings growth for S&P500 firms and show that it has remarkable power to jointly predict errors in these expectations and stock returns, in both the aggregate market and the cross section. The evidence supports a mechanism whereby good news cause investors to become too optimistic about earnings growth, for the market as a whole but especially for specific firms. This leads to inflated stock prices and, as beliefs are systematically disappointed, to subsequent low returns in the aggregate market and for specific firms in the cross section. Overreaction of measured long-term expectations helps resolve major asset pricing puzzles without time series or cross-sectional variation in required returns. in long run risk, or in disaster risk are hard to measure. Here we pursue an orthogonal approach: we keep required returns constant and relax rational expectations of fundamentals. We discipline departures from rationality using data on analyst expectations of future earnings growth of listed firms. We show that expectations of long
{"title":"Belief Overreaction and Stock Market Puzzles","authors":"P. Bordalo, N. Gennaioli, Rafael la Porta, A. Shleifer","doi":"10.1086/727713","DOIUrl":"https://doi.org/10.1086/727713","url":null,"abstract":"We construct an index of long term expected earnings growth for S&P500 firms and show that it has remarkable power to jointly predict errors in these expectations and stock returns, in both the aggregate market and the cross section. The evidence supports a mechanism whereby good news cause investors to become too optimistic about earnings growth, for the market as a whole but especially for specific firms. This leads to inflated stock prices and, as beliefs are systematically disappointed, to subsequent low returns in the aggregate market and for specific firms in the cross section. Overreaction of measured long-term expectations helps resolve major asset pricing puzzles without time series or cross-sectional variation in required returns. in long run risk, or in disaster risk are hard to measure. Here we pursue an orthogonal approach: we keep required returns constant and relax rational expectations of fundamentals. We discipline departures from rationality using data on analyst expectations of future earnings growth of listed firms. We show that expectations of long","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42553373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of Political Economy, Volume 131, Issue 9, September 2023.
《政治经济学》，第131卷，第9期，2023年9月。
{"title":"Recent Referees","authors":"","doi":"10.1086/727717","DOIUrl":"https://doi.org/10.1086/727717","url":null,"abstract":"Journal of Political Economy, Volume 131, Issue 9, September 2023. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"65 35","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of Political Economy, Volume 131, Issue 9, September 2023.
《政治经济学》，第131卷，第9期，2023年9月。
{"title":"Front Matter","authors":"","doi":"10.1086/727716","DOIUrl":"https://doi.org/10.1086/727716","url":null,"abstract":"Journal of Political Economy, Volume 131, Issue 9, September 2023. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"65 33","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Benjamin Born, Francesco D'Ascanio, Gernot Mueller, J. Pfeifer
{"title":"Mr. Keynes meets the Classics: Government Spending and the Real Exchange Rate","authors":"Benjamin Born, Francesco D'Ascanio, Gernot Mueller, J. Pfeifer","doi":"10.1086/727707","DOIUrl":"https://doi.org/10.1086/727707","url":null,"abstract":"","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49517617","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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