Abstract：To explore the impacts of dividend volatility on the evolution characteristics of stock prices, this paper constructs a heterogeneous investor model, and analyzes this model through theoretical derivation, numerical simulation and empirical testing. The main research conclusions include: The state of stock price evolution is sensitive to the learning intensity of the trend investors. When the learning intensity is low, the stock price would converge to its basic value. When a certain threshold is exceeded, the stock price deviates from its basic value and shows a new equilibrium. With the further increase of learning intensity, the stock price will show a closed-loop cyclic solution. There is also a threshold for the dividend volatility. The impacts of dividend volatility on the volatility of stock price are in the opposite direction on two sides of this threshold.
郭战兵, 张盼盼, 马雨帆. 分红波动程度对股价演化特征的影响分析[J]. 复杂系统与复杂性科学, 2024, 21(4): 73-80.
GUO Zhanbing, ZHANG Panpan, MA Yufan. Analysis on the Influence of Dividend Volatility on the Evolution Characteristics of Stock Price[J]. Complex Systems and Complexity Science, 2024, 21(4): 73-80.
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