Financial Markets: no fear of fear

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By Andrea Beltratti

Are movements on stock markets justified by the movements of dividends? No, according to the Robert Shiller,Ā Nobel Prize winner in Economics, who maintains thatĀ it’sĀ the combined actions ofĀ investorsĀ whichĀ create ā€˜excessive volatility.’ The fluctuationsĀ that are typicalĀ ofĀ share pricesĀ are farĀ amplifiedĀ thanĀ those ofĀ dividends, revenues, and the GDP, evenĀ factoring inĀ the normal variability of interest rates and risk premiums. It’s never easy toĀ ascertainĀ the existence of excessive volatility, because weĀ rarelyĀ have the chance to carry out controlled experiments;Ā moreĀ often than notĀ we don’t know exactly whatĀ movesĀ  theĀ markets.Ā 

Ā 

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