Bubbles And Crashes In A Behavioural Finance Model
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Bubbles Crashes In A Behavioural Finance Model
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Author :
language : en
Publisher:
Release Date : 2004
Bubbles Crashes In A Behavioural Finance Model written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Bubbles And Crashes In A Behavioural Finance Model
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Author : Paul De Grauwe
language : en
Publisher:
Release Date : 2013
Bubbles And Crashes In A Behavioural Finance Model written by Paul De Grauwe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a stochastic environment the model generates a complex dynamics in which bubbles and crashes occur at unpredictable moments. We contrast these behavioural bubbles with rational bubbles.
Bubbles And Crashes In A Behavioural Finance Model
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Author : Paul De Grauwe
language : en
Publisher:
Release Date : 2004
Bubbles And Crashes In A Behavioural Finance Model written by Paul De Grauwe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
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: 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.
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.
Financial Market Bubbles And Crashes
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Author : Harold L. Vogel
language : en
Publisher: Cambridge University Press
Release Date : 2009-12-14
Financial Market Bubbles And Crashes written by Harold L. Vogel and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-14 with Business & Economics categories.
Despite the thousands of articles 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 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. 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.
Asset Pricing Under Asymmetric Information
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Author : Markus Konrad Brunnermeier
language : en
Publisher: Oxford University Press, USA
Release Date : 2001
Asset Pricing Under Asymmetric Information written by Markus Konrad Brunnermeier and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
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.
Bubble Bursts And Emotional Booms In Financial Crisis
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Author : Dr. R. Radhika
language : en
Publisher: Blue Rose Publishers
Release Date : 2024-06-04
Bubble Bursts And Emotional Booms In Financial Crisis written by Dr. R. Radhika and has been published by Blue Rose Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-06-04 with Education categories.
Drawing upon their collective expertise, the authors delve into the depths of market bubbles, dissecting the irrational exuberance and subsequent despair that often accompany periods of financial turmoil. Through meticulous analysis and compelling narratives, they navigate the tumultuous landscape of past crises, illuminating the underlying emotional currents that drive market behavior. This book serves as a timely reminder of the profound impact that human psychology can have on economic phenomena, urging readers to critically examine their own biases and emotions in navigating the complexities of financial markets. 'Bubble Bursts Emotional Booms: in Financial Crisis' is a must-read for anyone seeking a deeper understanding of the interplay between emotions and economics, offering invaluable insights for investors, policymakers, and scholars alike.
Can The Theory Of Behavioral Finance Depict The Reality On Stock Markets And Does It Contribute To The Progression In The Capital Market Theory
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Author : Stephan Hoppe
language : en
Publisher: GRIN Verlag
Release Date : 2017-12-19
Can The Theory Of Behavioral Finance Depict The Reality On Stock Markets And Does It Contribute To The Progression In The Capital Market Theory written by Stephan Hoppe and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-19 with Business & Economics categories.
Seminar paper from the year 2015 in the subject Business economics - Investment and Finance, grade: 1,7, University of Applied Sciences Essen, language: English, abstract: "The Portfolio Theory" by Harry Markowitz, the "Capital Asset Pricing Model" by William Sharpe and the concept of the "Homo Oeconomicus" of Adam Smith – all of these models that are taught to business students and referred to by financial specialists all over the world are based on the assumption of the fundamental efficiency of markets. Market analysts build their substantial economic and financial predictions on the supposition that investors and corporations always behave and decide rationally. Consequently there would not be a chance that manias, panics or crashes ever occur. Nevertheless there were various speculation bubbles in the past such as the 1929 Stock-market-crash, the Dot-com bubble starting 1997 and the US-Subprime crisis as of 2007. So stock prices show fluctuations that cannot be only elucidated by economic factors. Moreover there are studies that come to the conclusion that there is only a low correlation between share prices and fundamental data. Concomitant new research approaches deployed that either developed the existing models further or even created a complete paradigmatic change. Nowadays when it comes to explaining the occurrences on the stock markets the field of psychology and the behavioral science gain in relevance. However the following question arises: Can the theory of Behavioral Finance depict the reality on stock markets and its participants and does it make a contribution for the progression in the Capital Market Theory? Yet there are some approaches that attempted to answer this question but there is no scientific consensus about it. Hence this term paper should accomplish a concise but fundamental contribution for the contemplation of this topic.