caa a22 4500 386308713 CHVBK 20180307111538.0 cr unu---uuuuu 161130e198809 xx s 000 0 eng 10.2307/2331066 doi S0022109000013107 pii (NATIONALLICENCE)cambridge-10.2307/2331066 Joerding Wayne Excess Stock Price Volatility as a Misspecified Euler Equation [Elektronische Daten] [Wayne Joerding] Speculative bubbles have been offered to explain the excess volatility results by Shiller (1981) and LeRoy and Porter (1981). Recent work by Flood, Hodrick, and Kaplan has shown that rational speculative bubbles cannot be the explanation for the excess volatility results. This paper provides an analytical framework for examining the hypothesis that the simple present value model used for the excess volatility studies is a misspecification of the true model. The method is applied to data from a market index and four large corporations. The results are consistent with the hypothesis that the simple present value model is not the correct specification for stock market pricing. Copyright © School of Business Administration, University of Washington 1988 Journal of Financial and Quantitative Analysis Cambridge University Press 23/3(1988-09), 253-267 0022-1090 23:3<253 1988 23 JFQ https://doi.org/10.2307/2331066 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331066 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Joerding Wayne NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 23/3(1988-09), 253-267 0022-1090 23:3<253 1988 23 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge