Bubbles And Crashes

Author : Brent Goldfarb
Publisher : Stanford University Press
ISBN 13 : 1503607933
Total Pages : 284 pages
Book Rating : 4.34/5 ( download)

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Download or read book Bubbles and Crashes written by Brent Goldfarb and published by Stanford University Press. This book was released on 2019-02-19 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: “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.

Author : Harold L. Vogel
Publisher : Springer Nature
ISBN 13 : 3030791823
Total Pages : 619 pages
Book Rating : 4.27/5 ( download)

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Download or read book Financial Market Bubbles and Crashes written by Harold L. Vogel and published by Springer Nature. This book was released on 2021-12-17 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : William Quinn
Publisher : Cambridge University Press
ISBN 13 : 1108369359
Total Pages : 297 pages
Book Rating : 4.50/5 ( download)

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Download or read book Boom and Bust written by William Quinn and published by Cambridge University Press. This book was released on 2020-08-06 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.

Author : J. Barkley Rosser
Publisher : Springer Science & Business Media
ISBN 13 : 9401716137
Total Pages : 313 pages
Book Rating : 4.30/5 ( download)

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Download or read book From Catastrophe to Chaos: A General Theory of Economic Discontinuities written by J. Barkley Rosser and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Cullen Roche
Publisher : Macmillan
ISBN 13 : 1137279311
Total Pages : 252 pages
Book Rating : 4.16/5 ( download)

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Download or read book Pragmatic Capitalism written by Cullen Roche and published by Macmillan. This book was released on 2014-07-08 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the importance of the global economy, and provides insights for getting the most out of investments to achieve financial success.

Author : Markus Konrad Brunnermeier
Publisher : Oxford University Press, USA
ISBN 13 : 9780198296980
Total Pages : 264 pages
Book Rating : 4.83/5 ( download)

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Download or read book Asset Pricing Under Asymmetric Information written by Markus Konrad Brunnermeier and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Harold L. Vogel
Publisher : Cambridge University Press
ISBN 13 : 9780521199674
Total Pages : 384 pages
Book Rating : 4.70/5 ( download)

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Download or read book Financial Market Bubbles and Crashes written by Harold L. Vogel and published by Cambridge University Press. This book was released on 2009-12-14 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Garet Garrett
Publisher : Ludwig von Mises Institute
ISBN 13 : 1610164830
Total Pages : 192 pages
Book Rating : 4.32/5 ( download)

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Download or read book A Bubble that Broke the World written by Garet Garrett and published by Ludwig von Mises Institute. This book was released on 1932 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.

Author : Roger Lowenstein
Publisher : Penguin
ISBN 13 : 0143034677
Total Pages : 289 pages
Book Rating : 4.74/5 ( download)

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Download or read book Origins of the Crash written by Roger Lowenstein and published by Penguin. This book was released on 2004-12-28 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: With his singular gift for turning complex financial events into eminently readable stories, Roger Lowenstein lays bare the labyrinthine events of the manic and tumultuous 1990s. In an enthralling narrative, he ties together all of the characters of the dot-com bubble and offers a unique portrait of the culture of the era. Just as John Kenneth Galbraith’s The Great Crash was a defining text of the Great Depression, Lowenstein’s Origins of the Crash is destined to be the book that will frame our understanding of the 1990s.

Author : Peter M. Garber
Publisher : MIT Press
ISBN 13 : 9780262571531
Total Pages : 180 pages
Book Rating : 4.36/5 ( download)

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Download or read book Famous First Bubbles written by Peter M. Garber and published by MIT Press. This book was released on 2001-08-24 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.