@techreport{ebb1c046ba594dd3bd9e500eefb7a3b9,
title = "What drives stock prices?: The Present Value Model revisited in a comparison of developed and emerging markets",
abstract = "Using a dynamic version of the present value model and a range of developed and Asian emerging markets, this paper considers what stock market prices {\textquoteleft}should have been{\textquoteright}, given expectations on index cash dividends and on, more broadly defined, index earnings, and compares these fundamental prices with actual prices. Revealed deviations from fundamental value are investigated by considering types of investor behaviour which might drive such departures and whether they are influenced by spillover effects from other markets. ",
author = "Patricia Fraser and Chen, {Yen Hsiao}",
year = "2008",
month = jan,
language = "English",
series = "University of Aberdeen Business School Working Paper Series",
publisher = "University of Aberdeen: Business School",
number = "01",
type = "WorkingPaper",
institution = "University of Aberdeen: Business School",
}