【5月11日】 【会计学院学术论坛】Offsetting Disagreement and Security Prices发布日期：2019-09-12 21:10:06
讲座主题：Offsetting Disagreement and Security Prices
摘要：We propose that the whole can be valued at less than the sum of its parts. The reasoning is that, in the presence of short-sale constraints and investor disagreement, shares of a company are held by the most bullish investors. To the extent that investors’ beliefs are not perfectly and positively correlated across assets (i.e., being bullish on one company does not imply that the same investor is also most bullish on all other companies), the level of excitement about a portfolio is, naturally, less than the sum of the level of excitement that individual companies receive from their most fervent supporters. This lowers the value of the portfolio relative to the sum of the individual components. Utilizing mergers and acquisitions, as well as closed-end funds, exchange-traded funds, and conglomerates as settings where the values of the underlying components and the value of the aggregate portfolio can be separately evaluated, we present strong evidence supporting our hypothesis.