Bubbles And Crashes
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Bubbles And Crashes
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Author : Brent Goldfarb
language : en
Publisher: Stanford University Press
Release Date : 2019-02-19
Bubbles And Crashes written by Brent Goldfarb and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-19 with Business & Economics categories.
"An interesting take on some factors that facilitate the development and bursting of bubbles in technology industries. . . . Highly recommended." — Choice Financial market bubbles are recurring, often painful, reminders of the costs and benefits of capitalism. While many books have studied financial manias and crises, most fail to compare times of turmoil with times of stability. In Bubbles and Crashes, Brent Goldfarb and David A. Kirsch give us new insights into the causes of speculative booms and busts. They identify a class of assets—major technological innovations—that can, but does not necessarily, produce bubbles. This methodological twist is essential: Only by comparing similar events that sometimes lead to booms and busts can we ascertain the root causes of bubbles. Using a sample of eighty-eight technologies spanning 150 years, Goldfarb and Kirsch find that four factors play a key role in these episodes: the degree of uncertainty surrounding a particular innovation; the attentive presence of novice investors; the opportunity to directly invest in companies that specialize in the technology; and whether or not a technology is a good protagonist in a narrative. Goldfarb and Kirsch consider the implications of their analysis for technology bubbles that may be in the works today, offer tools for investors to identify whether a bubble is happening, and propose policy measures that may mitigate the risks associated with future speculative episodes.
Financial Market Bubbles And Crashes Second Edition
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Author : Harold L. Vogel
language : en
Publisher: Springer
Release Date : 2018-08-16
Financial Market Bubbles And Crashes Second Edition written by Harold L. Vogel and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-16 with Business & Economics categories.
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, and equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and can also be defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Financial Market Bubbles And Crashes
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Author : Harold L. Vogel
language : en
Publisher:
Release Date : 2014-06-05
Financial Market Bubbles And Crashes written by Harold L. Vogel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-05 with BUSINESS & ECONOMICS categories.
This book explains how and why financial bubbles and crashes occur.
Bubbles And Crashes In Experimental Asset Markets
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Author : Stefan Palan
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-10-03
Bubbles And Crashes In Experimental Asset Markets written by Stefan Palan and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-03 with Business & Economics categories.
This book describes a laboratory experiment designed to test the causes and properties of bubbles in financial markets and explores the question whether it is possible to design markets which avoid such bubbles and crashes. In the experiment, subjects were given the opportunity to trade in a stock market modeled after the seminal work of Smith et al. (1988). To account for the increasing importance of online betting sites, subjects were also allowed to trade in a digital option market. The outcomes shed new light on how subjects form and update their expectations, placing special emphasis on the bounded rationality of investors. Various analytical bubble measures found in the literature are collected, calculated, classified and presented for the first time. The very interesting new bubble measures "Dispersion Ratio", "Overpriced Transactions" and "Underpriced Transactions" are developed, making the book an important step towards the research goal of preventing bubbles and crashes in financial markets.
Bubbles Crashes And Financial Disasters
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Author : Ralph Lyons
language : en
Publisher: Austin Macauley Publishers
Release Date : 2024-05-24
Bubbles Crashes And Financial Disasters written by Ralph Lyons and has been published by Austin Macauley Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-05-24 with Business & Economics categories.
At regular intervals since the early modern age, the get rich quick syndrome has swept millions of credulous souls to the very extremes of ambition and greed in their desire to amass wealth. The symptoms of such behaviour have often appeared during the build-up to a market crash, when months or even years of gains have been wiped out in hours. This is referred to as the 'boom and bust scenario' in which there is an economic bubble, followed by a crash. In this book we examine several of the remarkable events that have occurred between the seventeenth century and present day, which culminated in enormous monetary loss for the public, or even the collapse of their national economy. Following the Great Crash of 1929, and some of the instances depicted from the 1980s onwards, the seismic effects were felt globally. Today, we live in a highly sophisticated world of economic regulation, financial manipulation, and the extensive application of fiscal policy. Despite this, economic bubbles still seem to evolve from invisible beginnings, grow rapidly out of control, and then fragment into a melee of problems for modern-day society. It is widely believed that the random forces of human nature are responsible, as they spiral out of control during periods of heady speculation, whilst a few share a different view. They feel that large economic bubbles are non-organic, as they are engineered by the financial system itself. The latter is an interesting possibility – and one we shall certainly consider as we take a light-hearted journey through the subject matter of this book.
Bubbles And Crashes
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Author : Erik Kole
language : en
Publisher:
Release Date : 2008
Bubbles And Crashes written by Erik Kole and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Stock market crashes are rare events. This complicates a thorough quantitative empirical analysis of crashes and their probable causes. We introduce the concept of an industry crash and study the presence of these crashes in 48 US industry indexes over the period 1926 to 2004. The concept of an industry crash enlarges the sample of crashes available for study substantially. This large sample of crashes allows us to test several theoretical hypotheses recently put forward in the literature on the relation between bubbles and crashes. Our empirical evidence shows that bubbles - periods of strong outperformance - double the likelihood of a crash. This relation is stronger for more severe crashes: for the twenty percent largest industry crashes the presence of a bubble triples the crash probability. Our results also confirm theoretical results that crashes are more likely when bubble growth is stronger, but that the time a bubble takes to develop seems unrelated to crash likelihood. Last but not least, we verify whether these results for industry crashes carry over to general stock market crashes using shorter time series of stock market indexes for 49 countries starting in 1969. We find that they do.
Financial Market Bubbles And Crashes
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Author : Harold L. Vogel
language : en
Publisher: Springer Nature
Release Date : 2021-12-17
Financial Market Bubbles And Crashes written by Harold L. Vogel and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-17 with Business & Economics categories.
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and are defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Recent Advances In Neo Schumpeterian Economics
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Author : Andreas Pyka
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009-01-01
Recent Advances In Neo Schumpeterian Economics written by Andreas Pyka and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Business & Economics categories.
This judicious selection of recent essays demonstrates the applicability of the fundamental principles of neo-Schumpeterian economics, namely, innovation and uncertainty. The authors demonstrate how neo-Schumpeterian economics is developing into a comprehensive economic theory encompassing industry, the public sector and financial markets. Neo-Schumpeterian economics has become a prolific field with a major orientation towards innovation-driven industrial dynamics. However, a truly comprehensive neo-Schumpeterian approach argues that innovation is also an important element in both the public and financial sectors. For example, a lack of public infrastructure or speculative bubbles in financial markets can hinder or even prevent economic development. The expert contributions to this book deal with the future orientation of the subject in terms of innovative performance in the industrial, financial and public sectors. Recent Advances in Neo-Schumpeterian Economics can be considered a first attempt to substantiate the comprehensive neo-Schumpeterian approach, of which Horst Hanusch has been a leading proponent. This unique and path-breaking book will be of great interest and value to researchers in the fields of innovation, industrial economics, financial markets and the public sector.
Physics And Finance
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Author : Volker Ziemann
language : en
Publisher: Springer Nature
Release Date : 2021-01-18
Physics And Finance written by Volker Ziemann and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-18 with Science categories.
This book introduces physics students to concepts and methods of finance. Despite being perceived as quite distant from physics, finance shares a number of common methods and ideas, usually related to noise and uncertainties. Juxtaposing the key methods to applications in both physics and finance articulates both differences and common features, this gives students a deeper understanding of the underlying ideas. Moreover, they acquire a number of useful mathematical and computational tools, such as stochastic differential equations, path integrals, Monte-Carlo methods, and basic cryptology. Each chapter ends with a set of carefully designed exercises enabling readers to test their comprehension.
From Physics To Econophysics And Back Methods And Insights
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Author : Siew Ann Cheong
language : en
Publisher: Frontiers Media SA
Release Date : 2022-07-06
From Physics To Econophysics And Back Methods And Insights written by Siew Ann Cheong and has been published by Frontiers Media SA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-06 with Science categories.