Does education affect how well students forecast the market?
DOI:
https://doi.org/10.1016/S1057-0810(00)00043-3Keywords:
Education, Expectations, Market forecastsAbstract
This study examines the results of a student stock market forecasting project used in our basic and advanced investments classes. Students fail to outperform a random walk model over the entire period, but do perform well in some subperiods. Students receiving an above average grade in the basic investments class provide more accurate forecasts than all other groups of students. Further, poorer performing students tend to be more pessimistic in their expectations of the market. The results suggest that education improves the forecasting ability of students. © 1999 Elsevier Science Inc. All rights reserved.
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