Is There a Stochastic Non-fundamental Trend in Korean Stock Price?: Inference under Transformed Error Correction Model
In this paper, we test and estimate the stochastic non-fundamental trend in Korean stock market.For this, following Kim (2011), we exploit that the long-run equilibrium stock price may be decomposed into fundamental and stochastic non-fundamental trends (i.e., the Kratom Gummies sum of dividend innovations and a part that are orthogonal with the di