Bubbles And Crashes

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Bubbles and Crashes

Brent Goldfarb,David A Kirsch
Bubbles and Crashes Book PDF

Author : Brent Goldfarb,David A Kirsch
Publisher : Stanford University Press
Page : 284 pages
File Size : 40,8 Mb
Release : 2019-02-19
Category : Business & Economics
ISBN : 9781503607934

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Bubbles and Crashes by Brent Goldfarb,David A Kirsch Pdf

“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

Harold L. Vogel
Financial Market Bubbles and Crashes Book PDF

Author : Harold L. Vogel
Publisher : Springer Nature
Page : 619 pages
File Size : 54,8 Mb
Release : 2021-12-17
Category : Business & Economics
ISBN : 9783030791827

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Financial Market Bubbles and Crashes by Harold L. Vogel Pdf

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.

Financial Market Bubbles and Crashes

Harold L. Vogel
Financial Market Bubbles and Crashes Book PDF

Author : Harold L. Vogel
Publisher : Cambridge University Press
Page : 384 pages
File Size : 53,6 Mb
Release : 2009-12-14
Category : Business & Economics
ISBN : 0521199670

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Financial Market Bubbles and Crashes by Harold L. Vogel Pdf

One would think that economists would by now have already developed a solid grip on how financial bubbles form and how to measure and compare them. This is not the case. Despite the thousands of articles in the professional literature and the millions of times that the word "bubble" has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study "bubble" and "crash" conditions. This book presents what is meant to be a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand. From this basic idea, an elasticity of variance concept is developed. The notion that easy credit provides fuel for bubbles is supported. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk premium models in a way that is consistent with conventional theory.

Boom and Bust

William Quinn,John D. Turner
Boom and Bust Book PDF

Author : William Quinn,John D. Turner
Publisher : Cambridge University Press
Page : 297 pages
File Size : 44,8 Mb
Release : 2020-08-06
Category : Business & Economics
ISBN : 9781108421256

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Boom and Bust by William Quinn,John D. Turner Pdf

Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? Boom and Bust reveals why bubbles happen, and why some bubbles have catastrophic economic, social and political consequences, whilst others have actually benefited society.

From Catastrophe to Chaos: A General Theory of Economic Discontinuities

J. Barkley Rosser
From Catastrophe to Chaos A General Theory of Economic Discontinuities Book PDF

Author : J. Barkley Rosser
Publisher : Springer Science & Business Media
Page : 313 pages
File Size : 42,6 Mb
Release : 2013-03-14
Category : Business & Economics
ISBN : 9789401716130

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From Catastrophe to Chaos: A General Theory of Economic Discontinuities by J. Barkley Rosser Pdf

From Catastrophe to Chaos: A General Theory of Economic Discontinuities presents and unusual perspective on economics and economic analysis. Current economic theory largely depends upon assuming that the world is fundamentally continuous. However, an increasing amount of economic research has been done using approaches that allow for discontinuities such as catastrophe theory, chaos theory, synergetics, and fractal geometry. The spread of such approaches across a variety of disciplines of thought has constituted a virtual intellectual revolution in recent years. This book reviews the applications of these approaches in various subdisciplines of economics and draws upon past economic thinkers to develop an integrated view of economics as a whole from the perspective of inherent discontinuity.

Asset Pricing Under Asymmetric Information

Markus Konrad Brunnermeier
Asset Pricing Under Asymmetric Information Book PDF

Author : Markus Konrad Brunnermeier
Publisher : Oxford University Press, USA
Page : 264 pages
File Size : 47,6 Mb
Release : 2001
Category : Business & Economics
ISBN : 0198296983

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Asset Pricing Under Asymmetric Information by Markus Konrad Brunnermeier Pdf

The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.

A Bubble that Broke the World

Garet Garrett
A Bubble that Broke the World Book PDF

Author : Garet Garrett
Publisher : Ludwig von Mises Institute
Page : 192 pages
File Size : 49,5 Mb
Release : 1932
Category : Credit
ISBN : 9781610164832

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A Bubble that Broke the World by Garet Garrett Pdf

"Most of the matter in this book has appeared in the Saturday Evening Post during the last twelve months."--Author's note. June 1, 1932.

Origins of the Crash

Roger Lowenstein
Origins of the Crash Book PDF

Author : Roger Lowenstein
Publisher : Penguin
Page : 300 pages
File Size : 49,9 Mb
Release : 2004-01-01
Category : Business & Economics
ISBN : 1594200033

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Origins of the Crash by Roger Lowenstein Pdf

A financial journalist presents an analysis of the stock market and economics of the 1990s, examining the causes of the crisis and discussing the collapse of Enron, the dot-com bubble, and the accounting scandal and Andersen.

Pragmatic Capitalism

Cullen Roche
Pragmatic Capitalism Book PDF

Author : Cullen Roche
Publisher : St. Martin's Press
Page : 252 pages
File Size : 49,9 Mb
Release : 2014-07-08
Category : Business & Economics
ISBN : 9781137438065

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Pragmatic Capitalism by Cullen Roche Pdf

Being successful in the modern world of finance requires a more in-depth understanding of our global economies on a macro level. What does a shifting demographic cycle mean? How does the explosive growth of emerging markets matter? Why does the world's population affect my portfolio? Does the global monetary system impact my results this year? How does government intervention in markets impact my strategy? In Pragmatic Capitalism, Cullen Roche explores how our global economy works and why it is more important now than ever for investors to understand macroeconomics. Cullen Roche combines his expertise in global macro portfolio management, quantitative risk management, behavioral finance, and monetary theory to explain to readers how macroeconomics works, and provides insights and suggestions for getting the most out of their investment strategies. This book will uncover market myths and explain the rise of macroeconomics and why it impacts the readers' portfolio construction. Pragmatic Capitalism is a must for any sophisticated investor who wants to make the most of their portfolio.

Financial Market Bubbles and Crashes, Second Edition

Harold L. Vogel
Financial Market Bubbles and Crashes Second Edition Book PDF

Author : Harold L. Vogel
Publisher : Springer
Page : 477 pages
File Size : 50,9 Mb
Release : 2018-08-16
Category : Business & Economics
ISBN : 9783319715285

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Financial Market Bubbles and Crashes, Second Edition by Harold L. Vogel Pdf

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.

Bubbles, Booms, and Busts

Donald Rapp
Bubbles Booms and Busts Book PDF

Author : Donald Rapp
Publisher : Springer
Page : 374 pages
File Size : 50,6 Mb
Release : 2014-11-14
Category : Business & Economics
ISBN : 9781493910922

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Bubbles, Booms, and Busts by Donald Rapp Pdf

This book deals at some length with the question: Since there are many more poor than rich, why don’t the poor just tax the rich heavily and reduce the inequality? In the 19th century and the first half of the 20th century, the topic of inequality was discussed widely. Ending or reducing inequality was a prime motivating factor in the emergence of communism and socialism. The book discusses why later in the 20th century, inequality has faded out as an issue. Extensive tables and graphs of data are presented showing the extent of inequality in America, as well as globally. It is shown that a combination of low taxes on capital gains contributed to a series of real estate and stock bubbles that provided great wealth to the top tiers, while real income for average workers stagnated. Improved commercial efficiency due to computers, electronics, the Internet and fast transport allowed production and distribution with fewer workers, just as the advent of electrification, mechanization, production lines, vehicles and trains in the 1920s and 1930s produced the same stagnating effect.

Bubbles and Crashes in Experimental Asset Markets

Stefan Palan
Bubbles and Crashes in Experimental Asset Markets Book PDF

Author : Stefan Palan
Publisher : Springer Science & Business Media
Page : 179 pages
File Size : 47,6 Mb
Release : 2009-10-03
Category : Business & Economics
ISBN : 9783642021473

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Bubbles and Crashes in Experimental Asset Markets by Stefan Palan Pdf

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.

Asset Price Bubbles

William Curt Hunter,George G. Kaufman,Michael Pomerleano
Asset Price Bubbles Book PDF

Author : William Curt Hunter,George G. Kaufman,Michael Pomerleano
Publisher : MIT Press
Page : 650 pages
File Size : 53,9 Mb
Release : 2005
Category : Business & Economics
ISBN : 0262582538

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Asset Price Bubbles by William Curt Hunter,George G. Kaufman,Michael Pomerleano Pdf

A study of asset price bubbles and the implications for preventing financial instability.

Banking Crises

Garett Jones
Banking Crises Book PDF

Author : Garett Jones
Publisher : Springer
Page : 350 pages
File Size : 42,5 Mb
Release : 2016-01-26
Category : Business & Economics
ISBN : 9781137553799

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Banking Crises by Garett Jones Pdf

Why do banks collapse? Are financial systems more fragile in recent decades? Can policies to fix the banking system do more harm than good? What's the history of banking crises? With dozens of brief, non-technical articles by economists and other researchers, Banking Crises offers answers from diverse scholarly viewpoints.

Famous First Bubbles

Peter M. Garber
Famous First Bubbles Book PDF

Author : Peter M. Garber
Publisher : MIT Press
Page : 180 pages
File Size : 55,5 Mb
Release : 2001-08-24
Category : Business & Economics
ISBN : 0262571536

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Famous First Bubbles by Peter M. Garber Pdf

The jargon of economics and finance contains numerous colorful terms for market-asset prices at odds with any reasonable economic explanation. Examples include "bubble," "tulipmania," "chain letter," "Ponzi scheme," "panic," "crash," "herding," and "irrational exuberance." Although such a term suggests that an event is inexplicably crowd-driven, what it really means, claims Peter Garber, is that we have grasped a near-empty explanation rather than expend the effort to understand the event. In this book Garber offers market-fundamental explanations for the three most famous bubbles: the Dutch Tulipmania (1634-1637), the Mississippi Bubble (1719-1720), and the closely connected South Sea Bubble (1720). He focuses most closely on the Tulipmania because it is the event that most modern observers view as clearly crazy. Comparing the pattern of price declines for initially rare eighteenth-century bulbs to that of seventeenth-century bulbs, he concludes that the extremely high prices for rare bulbs and their rapid decline reflects normal pricing behavior. In the cases of the Mississippi and South Sea Bubbles, he describes the asset markets and financial manipulations involved in these episodes and casts them as market fundamentals.