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August 24, 2016
Canadian Excellence


Jack (Jacques) A. Schnabel

Divergence of Opinion and Valuation in a Mean-Variance Framework

Dr. Jacques A. Schnabel

published: 2007 | Research publication | Publications

This paper examines the impact of divergence of opinion on the valuation of shares in the context of the capital asset pricing model where investors choose portfolios that are mean-variance efficient.  The bias of valuation towards the beliefs of wealthier and/or risk tolerant investors is demonstrated.  This paper was published in Studies in Economics and Finance Volume 26, Number 3 (2009), pp. 148-154.

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revised Sep 24/07

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