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VHZ drs/shapexml.xmlYQo6~@uPlْ ;YksASTr;iѵu7r)5*/E>FL2],oDx~1j*7 5b|u5gQgee,Sy׫$SLhP{~?$xSKӢs4F`r6zVnPCNnn,/J92jgBc>I: Z^П:pt=8O胱Gc*eڮ>ZESY2g,zeu~\~8WE(A0fQ{axip={˞]s (@AΠ.-ڹ4,ddzp)$Ad,Q"hpdᠦ0"<ĈAyYZI`7 b,6ns &9U|0p5gGey7e{Hˣcӭqb@Ư NHeyni$oPsF9Bo9V64Ze۠ "ob [k ."l;9Qʲ%Y-c9ƪI6$,@.ZL`VVFQ#ٓl=Ao&9y &7@g}e"S''TSGBGЉiꃩoEÍsۣPuir47RmeOlf͆?,gw;pǹ6}) _@sL `Z`݉w4c#2C RPd1L\Oy1GHᶓE1 {ZT}#8TS: <lI/ "?ӟzz)PZDv>zw"y-fK_PK-![Content_Types].xmlPK-!1_a ._rels/.relsPK-! VHZ )drs/shapexml.xmlPK-!`4[(drs/downrev.xmlPKdzkB:2___PPT9  lErdem Kilic MEF University Email: kilice@mef.edu.tr Website: http://econ.mef.edu.tr/ Phone:+90 546 545 32 85m m x  )  J"*?TextBox 6b eB:2___PPT9  eContact <     P*0e0e?TextBox 7e)LojD<4___PPT9 zBarberis, Nicholas, Robin Greenwood, Lawrence Jin, and Andrei Shleifer. "X-CAPM: An extrapolative capital asset pricing model." Journal of financial economics 115, no. 1 (2015): 1-24. Son-Turan, Semen, and Erdem Kilic. "X-Capm Revisited: The Institutional Extrapolative Capital Asset Pricing Model (IX-Capm)." Eurasian Journal of Business and Management 6, no. 3 (2018): 1-9. { {    ,  J*?TextBox 8b)2}eB:2___PPT9  h References  <      t(*````.u1?Text Box 189" PK![Content_Types].xmlJ0*miG]`Hm6 Xwt?. g#Wi3E).+7 >ON ޑ1ˋz "+R RhB.} /<^ITխ%rHK4uK~I0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!VOdrs/shapexml.xmlXmo6>`%˶bT) dEZ5%tI8I״mH׻{EG|/91JĞb&*+U콽HG",^zjױwu=UzJ^T50WjXKTh:,i!cJD*};@Ex^&jO9OvSgނJVw*  Pp Ux4Hq fI0~@tJfx52RE*+UEZ*ϋ Z}N`,p_d1^Ed57<~9427o@H$zx.UVjd} #z /"k*BL!HИPmggVBmn2'e\\FAmbo6SAk'l #:)*ʂskz\7=Rmt;05`٩YRp5p0N$;cose,x./r X3@ Љ@޺!ߖ`+l2[W)s+uKtF  l j'_ -y[zQE@8^;Ξ+k} DFORDF4dƳH]E34> #`㨦qhe I j~! !T0`Y{[  [Ry G8T hN_oYT2tpS&0Y}ʠN nRjgA)3 FYY5pL{LxտZ&^+(6T%ˑPg9r.rH>:ύr`z`|S; s!Vԁ5dy":EO',Dz+pD%٤- ùs*7Hj޻tA7kx~G+ :3C X|reX)ϝ>õ3իٳRkmڷk6]}FF3 t밿mDh4[X]薑K:aVKbJad4'i]>oӃ((JvKΫ <MA ȋH3qtv zsW| 0sK&3*$d|g0jxvwU@PK!drs/downrev.xmlDN0 @HCd$.KAhlvkq$ۺ0@!v N3Pĵ7כP1![=EX../[(p@ҐkƩ|pd "w˲vر|hqHT&\_'Po}qw+-{;mCgKH Ћ_PK-![Content_Types].xmlPK-!1_a ._rels/.relsPK-!VO)drs/shapexml.xmlPK-!drs/downrev.xmlPKp`'8___PPT10N___PPT90( This study aims to model institutional investor behavior in the XCAPM model under the premise of reflecting a more detailed decomposition of investor types in equity markets. We explore the behavior and its impact in the model, esp. on pricing and on key financial ratios. We observe that the prevalence of the institutional investor counteracts extrapolator s effects, resulting in lower volatility of price dividend ratio, lower predictive power of changes in consumption for future price changes and lower equity premium. 2  ]"        \*.uAq1Rectangle 10#"]@QPK![Content_Types].xmlJ0*miG]`Hm6 Xwt?. g#Wi3E).+7 >ON ޑ1ˋz "+R RhB.} /<^ITխ%rHK4uK~I0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!M drs/shapexml.xmlV]o6}@uPlG(EEۀ y)*BIN&04Ix='$;alUNӣ1%Bq]6ndIuLLj%r ,}wO'ʶ/+jsz\, G {6 sinGV(9QjEOqm+Wʐ`^ Rt s{wi]ziG8D:SSQLֳ"K lΒEvb('gW܈C:ƢVWfbi~:Ng<ɲ,Ɋl,/tqXӓQ| Xy%aE lj_=#Vr9F_ƃ+!OMr"!dуRe݃Z r|$9\{J{Cf A@37C0 }-DEU!i <ZxS+m^D^G@hWn僧7Zks)~MNgEݗdDxҺO"sM?۞4\} 밐;T8ԪD%CRm79Η3. إZ{T&%? o1A }ԍKxS\8 EAhTGL}{қ^{><RhY!kWF*8XRy *e,VbuO5~QBw_aN`dNz>8]^γ!8 r/6CöPK!X2drs/downrev.xmlDAK1F!El emZJEZZqnb7ɚ7x޴B>hgG06>oJl%noXJw]6aIbCT]y #בMNpOYsڦ-է(k/^'9 q/^ECUej;ײ Hq)5!PK-![Content_Types].xmlPK-!1_a ._rels/.relsPK-!M )drs/shapexml.xmlPK-!X2Adrs/downrev.xmlPKF0`'pB:2___PPT9  TAbstract   <     \0*.uAq1Rectangle 12#"Y@MPK![Content_Types].xmlJ0*miG]`Hm6 Xwt?. g#Wi3E).+7 >ON ޑ1ˋz "+R RhB.} /<^ITխ%rHK4uK~I0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!(DR drs/shapexml.xmlV]o6}@upl'qfm.灦D E $:)wHJdð+o~8Ԓ셱VMNFuQی~ Jc`R+a釳8mV!جsj8N̞F(#P9r8fÚU(6WKʐ % n l%Һ°0p8<<h֛t9Ǔff[B0{6ToD>yk5uRDkЅEhcMcǸ;!ϬDHލ[ A=ey7Qr6:HֺxtvG/~k0(wu:(OZVDfS!0f2[ pT""BR&7vII ߟ] ޠDbngaa^]k$jpO6ˉ/cEo4ֱQwO%FH<nuעgws?| !8-8߃*m]/L_X,aqF|ͼ]dUڌ*@ q1Pz$Jח8`.$b(Qw Y 2ZA.*0bJ*`Z= um%y[ff vKKչ:9$q(e?j ]7ٳzrgϧ} G!~: ۜ PK!d Wdrs/downrev.xmlDAO1F&fHIHJ!!58lmuۮmoA7y_b՛$FvRF"Z$`jt[y$6(@ؕZ0qĎ /InZ>˲6-(AQ?Zn?Jwߧ^;`|gϛU=2ve!RjB?PK-![Content_Types].xmlPK-!1_a ._rels/.relsPK-!(DR )drs/shapexml.xmlPK-!d W>drs/downrev.xmlPKB]`'B:2___PPT9  X Introduction   < ;   t!*````.u1?Text Box 192"PJPK![Content_Types].xmlJ0*miG]`Hm6 Xwt?. g#Wi3E).+7 >ON ޑ1ˋz "+R RhB.} /<^ITխ%rHK4uK~I0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!  fdrs/shapexml.xml]nKq6>-s-ӱ6%ʳIϠG듳ن,;^$j6$2qVT7KPar-؀-ݪ-v1?p1؂1@ōJ$CcEcUc:dEc{{fT}V2T ©Xa p4;t.'+~*:kY'苒]ga5: v=Tt^gF/+u5=W3_sz} 8;- ~뀁vKp~}ngJb&a1z; X^f!Vըέ5u{ K @PpR\g?2.60,zƓ( :tX|< /i[o\`Gn6I!&9N!^1\X!ߛI @BE7Pi^y$@S7fyR"=Ggs/䀂e:Wi2Hihum@"SRhFOwwQBRwfP *PWA~LdCp+0p!̋߰~.iyiw||\𯼸;9Y$6؎ 'Vw440znwG+#j<⩤`tZ#T3G :GV z% &3Ta©L<VtP>Jp4#Aduk&䁐I C/>^ށp`z`29q̈́&:y )uM~\+]]f2;&!{4"ުmQvpp̊"# H4e#bXDc}E2X;]XxVSS=;xCԎѧtTib2E"U]}}P>54='D&(c<N]qvCqlX"9p"2F$β *=ȯsgR"pXĤîQ]ܖ$DWJ.%:2b$܋ho6:Z$@a'(d|οxy'LՔGyR(õL ù C1)"S)"QIh;VBMJ< kdGgs่#)ks+s3GB)6"#1JI+yut쌰j DgzGȆ^aBy7;jpx$T׻{DywH3* Xp=IC(A@*:cyIBD"΁8;Y%_vk!{D`0b(BYA8#͑©!]L#2@ -Pg:C(y(&eM r8:~7Qv>QvDmG8z" Dath|!3Mb$Xk<\LHµDNusH^'qV Y2K,JwfaQ|\ 9i_I~-/.!m0v ~!'U*yot0W\Pk.v r1eb;ai\v[n RbY];JbsI[l.w3h^ߩx I|\9.괦AbI&o_6OE𻹲mia0i75*dhR$tV?'!uy !"k#XNOkw؊$ᐣKjC ĉ5[In{yesi`p;C*zwS>MIM:?[\\5/'ZA4ǝt!WRjB W?PK-![Content_Types].xmlPK-!1_a ._rels/.relsPK-!  f)drs/shapexml.xmlPK-!: drs/downrev.xmlPK?*L"B:2___PPT9  The basic framework is a consumption-based model of asset prices and returns, where extrapolative expectations are incorporated. Prices expressed in stochastic form of sentiment level. Constant absolute risk aversion preferences (CARA). Optimal consumption-portfolio decision applied by help of stochastic dynamic programming under budget constraint composed of wealth, consumption and investment in risky assets. Based on optimization solution, market equilibrium is determined. Equilibrium values are determined for model parameters related to optimal consumption policies, price levels, dividends and volatility of prices for each market decomposition structure. Model predicitions for ratio-based quantities are determined (See Table 2).  p'(  9     \#*.uAq1Rectangle 14#"]@QPK![Content_Types].xmlJ0*miG]`Hm6 Xwt?. g#Wi3E).+7 >ON ޑ1ˋz "+R RhB.} /<^ITխ%rHK4uK~I0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!O drs/shapexml.xmlV]o"7}`"00@@Vdڕmϕxi<MҪjH`w|=gv$[alUF%Bq]T.o)%1U0^XaOg6/+;o2z\3-5' {65siV(j~*E8Jm͵+i{mHU˘j`wR$9Cg0 \zN"25χerz`V鬗Gi~>Myd2F?>F[].ˊ~'it?5 490|tћ^>fbg TJЋ~|WWO-Ch<QdNc6 ̽ELG:%& #:xXo&FA5H.l "Y-"|!BsiȖɌ2ΑIm.+!G6ToD@k/RD؅%Elͣ;/A@3+wCpD[̉CDҼ߄GV^WJHey -Kfv+]= ьߚ#L{m2]GYNUWI>=ߊLzJ8\e [T8T@%wCRm֏MNPb\|A+2LJJh o1ADQ6ξnBHԺពm5w1_PYb5y[g Ϟv%fH<nwӢvx\pıMll9nBL|biں_X ƕ A6AhfTHL밢AF6<RoY!+F28̧XRy *e,VjkXҼ ssxyAJuZ Dܾ%Z0{!X]o01VnA _=m#Mhn[mPK!ixVdrs/downrev.xmlDQK0FCo.Z1&RUksdk.ɶ|˹\ggA;+`>ˀmԶrW Y0Qjt[ӹKJbJC`lb; tK$7=_dY jUPl*'z8rzf<4罪MU2<Uӷײ Hq)5!PK-![Content_Types].xmlPK-!1_a ._rels/.relsPK-!O )drs/shapexml.xmlPK-!ixVCdrs/downrev.xmlPKFN*LB:2___PPT9  TMethods    <     \p*.uAq1Rectangle 16#"Q@EPK![Content_Types].xmlJ0*miG]`Hm6 Xwt?. g#Wi3E).+7 >ON ޑ1ˋz "+R RhB.} /<^ITխ%rHK4uK~I0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!9 drs/shapexml.xmlV]o6}@uplGEۀ3y)*BIv&0̱=/^;T셱VM.u^~[fXTΤV"Ga?]s[s߷AT^Z(Tk#P9d8L+](%q1́eJbl Rdu6wc]ka3$Ҙ2_rZ5^:X*쭇j8]_Gz2s#dEUr.U_EE4|2ͦi2]/^Vet2]iz9]}U?`Ė>$=A7:/ԑո:t󆹰{#ٝ$!҇<Z~l`Q )LxsV2_R!ŵ4ddFH$MAq}:>yBIu.&1_;JM ..!$/B; nyɀ}`.7RGV $o-dGl1'Z{޴( $͛1b\3^JHeyZH:?z8;#Lm2ʝ-AZixpMS!pb&On d,*G1{I Eqvۧ&3|J/vHI߇X4%C8 i( mPۚ{Xb&pʑi,cx]gno ̊x+zA ;fw$#Aű]ll:nAL|aj_X M_d؊*MFL)qPz$J8HnbHIw Y{ ,(1ZAK0bJ*gA,CK~B}},F Mx `-c~Nzc7(mnTKy㡵rH ⎵(gT'];lٳ 6m{r g oDpoPK!zrdrs/downrev.xmlDOK0G!MR7R.o6II㭷ĉ|UpJ@m<YRPbv-TVĆt1`X,yOJqb]KGz.]/v^+_d"jO4ON ޑ1ˋz "+R RhB.} /<^ITխ%rHK4uK~I0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!ԱmAdrs/shapexml.xml]moH~ʵRs8-i~3`;{-u/^ʤU3xNb6yrvwl+AoK,Nyan<8,x3Ǚo_K<?Oñe*&aW\3!L@Iv;~;aOR";=VY`d2\Kk-gl g,Fg?2B;PJJDy6s׳nk[ngmM_wG _٩NPfQ"R>Ҥ.Q 9@}W~us{WoμikMZt6u>yV2 YX0ZҒkP+&/eJ=g/׌_!һ-rR.A֭9 5']?JJR$Jk=ۺm PA` ؊`'bJ`h[c#E @'&NG dq/LQ~:X!1`O<؛)e,*ĹqxpZP )W<=o%`9QC/a[> ,ODb5y@%,uQ؄3tQč&oa&+uA ].p(ʠ2e@pR2ALo jP(QtլO,S.'п9 ςi`<:o87+5 c v58zqB nA0~kBF;3ZHʚ)Ȇ4@FNN΅MU.m B%_Cؖ mݤ+F-2U^~(nOsN=qvZr ]]|l ovBiNlk6ZWj5fDIfa ѷh]VOmC`'AD7yzl&wPo t@c!>]LPq}"Mj{  ׳Qa]:pq\Y:L3^n.L! \DE2$U]Buv,᭐5bƀPyb}`c"ҴθL2+This study reveals the role of an institutional investor in the XCAPM model. We find that institutional investors, to some extent, can counteract the extrapolator s effects. This can be seen in certain model implications, such as, lower volatility in price dividend ratio and price changes. Overvaluation in prices are slightly dampened in institutional dominated markets, which is observable in more stabilized outcomes, that presumably results from their contrarian behavior. Compared to the original model, it is observable that extrapolator s effects are not fully offset by inclusion of the institutional investor. m m M6   ' F     \$*.uAq1Rectangle 18#"N@BPK![Content_Types].xmlJ0*miG]`Hm6 Xwt?. g#Wi3E).+7 >ON ޑ1ˋz "+R RhB.} /<^ITխ%rHK4uK~I0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!jI: drs/shapexml.xmlV]o6}@up,َ]kuF>4E%Z(R )NCRv$% `Ϲ~ݾd'hzP"E26M)IDFw?tmC&5~{Q3{WjS3arA5QjiƯڐ% l.ں°Op p8<,Wc%Qoz`8] &r0x΍~^9g,muθ,+.t{||~1XW _^7TS+ C/jX`6GϘ$h\9dt8OQxQaMFdSa3KGdicUW#MHNQ#ZVE^IBKiȎɌ2Αim.yۧWB4Ol<5^ˉ|I5֗u)"č@BB"ɝ {V2RgV"$o-bNtxZ%&Zx])m^" /.1/tqtF3~m0(w&iƧkOh=%7kf3MX**UÒ;I )Dy˶G4)%V W-:MP6ξ``ZkjpO6|],αr7X5h{4óW%fE<nwۢvxZpımll9nAL|aiںX _dԊ&mF T( +J8HnaHQ~n (6Za]Ta ʳUςXw-2 m%41̃HGIkIzj:$qFó_jՓɆ`q'v=XK2"Mƀ m.PK!I"{drs/downrev.xmlDAK@Fa("-*JbAM$ c{z>|9^(γYb La8=cnK:TҨ$ᘣVdȵuKĉ}p( Iz}e7aiŁ[og`ڔ븋O>v*^W1g=(Q嚭_ՋM-wi:[b R\JMPK-![Content_Types].xmlPK-!1_a ._rels/.relsPK-!jI: )drs/shapexml.xmlPK-!I"{5drs/downrev.xmlPK7R *L UB:2___PPT9  W Conclusions   < |  t0%*````.u1?Text Box 190"V P PK![Content_Types].xmlJ0*miG]`Hm6 Xwt?. g#Wi3E).+7 >ON ޑ1ˋz "+R RhB.} /<^ITխ%rHK4uK~I0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!2q,drs/shapexml.xmlZ[oH~_iȯ+l 8(NEHح>҃'c<Ҫ}ϙ_Hmih\3N_3NVLi."{uqHM伿CJEł\y`?QYX,Q9JNoYFWy%̨L(Q;~;d4 l%VR"]]J.""h )Pn= ȝN'~o{Q,͢|!E2/D'ISo8gc2v},tN;Z VZ͚-I*<++Y o=e/"-7l,e~D(rƭ% 57_?RZu"J%ma"hv}ϸ97A9$9Af ,,`7b+`ٕ9OӔal%YQ9dsy{ n 4"87qȗmjcZjֵAt ܔ% '伉KF̒2"# o愎Ch-mb i1Mmpj8{pz0.r 0/"p5]L+? ch@ՍM/Ӂ()z(XBcHL)ܻd HhQ،ʋQM*r\?Cq˺V^ 5;vZ*5,ePLQ j`{L 57PiɞƃOYۣJγ_BXÖ.B-d6.BXG-cwB (ZRp 78QzxuI5}X!IWt>7>2+C7[ X|e1NS֌ΪpygK \ ǚ׍pS; 6٨֡-w,pkr(# tύ2r 2:P3M9I|^$؉EW |ӏRyE*\Lj ji+jo_m兰6[ޖ*r' \)RNir<{VC[ʄ˨壁GU &.td<_qջpaRu/t}}ݴ7&W@]ou⧽:㪭oW|?vrmQ/IPsI#|U-CW=щ ;K5}Ѕ~CwݥɦJi[ &G%֮{w7ms8o5rgws >ljPU_5Zh&mԣL>)qwaMn,LLeyx,j>x U`CԐ᳚Vh5GRvh{~-U/?,NPK!Gj(drs/downrev.xmlDJ1E঴vQulZ(*Buٸ{M^'! .tys9:q[ FA{߂ `)jyyWtܦFdؔRʨ-9Ôch xpYQ̥ÖŞ,SFk~zjI5  LO7/(MAК c eլ rPK-![Content_Types].xmlPK-!1_a ._rels/.relsPK-!2q,)drs/shapexml.xmlPK-!Gj(Adrs/downrev.xmlPKE `'4(B:2___PPT9  0PIn the XCAPM model Barberis et al. (2015) describe an intertemporal consumption asset pricing model, where prices are driven by sentiment dynamics. Two investor types are considered in their proposed model, namely, rational and extrapolator investor. To acknowledge for an agent in-between these fundamentally different two types of investors, we introduce a new investor type into the model, who has more behavioral attributes which are related closer to the rational investor. This study therefore aims to explore the institutional investor behavior and impact in the model and on pricing. Q Q    h+*??Text Box 1801 &2B:2___PPT9  Table 2. 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The predictive power of dividend price ratio increases at longer horizons. We see that D/r-P is low in rational and institutional dominated markets. Autocorrelation of P  D/r ratio drops to 0 at longer horizon, when rational and institutional investor types dominate the market. Contrary, it is persistent even at longer horizon in extrapolator dominated markets. Volatility of price changes decreases, when institutional investor fraction increases. Thus, the amplifying effects from extrapolators are dampened by institutionals. When there is low persistence in extrapolator's beliefs, the autocorrelation of price changes have more negative values under extrapolator domination. Under institutional domination autocorrelation is close to 0 with negative values. In general, lower correlation between consumption and price changes can be observed if extrapolators put more weight on current price changes and vice versa. For extrapolator dominated markets correlation decreases, for rational dominated markets correlation increases. The correlation in institutional dominated markets are lower than for rational dominated markets. In extrapolator dominated markets, negative values can be observed for the predictive power of changes in consumption for future price changes, when extrapolators put more weight on current price changes. For institutional domination, the value is almost zero or very close to zero, however, negative for rational domination, and most negative for extrapolator dominated markets. Lower correlation is observed if extrapolators put more weight on current price changes. Overvaluation in prices is slightly dampened in institutional dominated markets, which is observable in more stabilized outcomes and presumably in contrarian behavior. Equity premium for extrapolator dominated markets are higher than for institutional and rational dominated markets, esp. when extrapolators put more weight on current price changes. For institutional dominated markets equity premium are higher than for rational dominated markets. t   N    )  " F$L #)F Xg    U9l> 8  $Z6 3a; A  N h*??Text Box 180(h )B:2___PPT9  Table 1. 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