Investor Behavior In The October 1987 Stock Market Crash
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Investor Behavior In The October 1987 Stock Market Crash
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Author : Robert J. Shiller
language : en
Publisher:
Release Date : 1987
Investor Behavior In The October 1987 Stock Market Crash written by Robert J. Shiller and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Capitalists and financiers categories.
Questionnaires were sent out at the time of the October 19, 1987 stock market crash to both individual and institutional investors inquiring about their behavior during the crash. Nearly 1000 responses were received. The survey results show that: 1. no news story or rumor appearing on the 19th or over the preceding weekend was responsible for investor behavior, 2. investors' importance rating of news appearing over the preceding week showed only a slight relation to decisions to buy or sell, 3. there was a great deal of investor talk and anxiety around October 19, much more than suggested by the volume of trade, 4. Many investors thought that they could predict the market, 5. Both buyers and sellers generally thought before the crash that the market was overvalued, 6. Most investors interpreted the crash as due to the psychology of other investors, 7. Many investors were influenced by technical analysis considerations, 8. Portfolio insurance is only a small part of predetermined stop-loss behavior, and 9. Some investors changed their investment strategy before the crash.
Investor Behavior In The October 1987 Stock Market Crash
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Author : Robert J. Shiller
language : en
Publisher:
Release Date : 1988
Investor Behavior In The October 1987 Stock Market Crash written by Robert J. Shiller and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Capitalists and financiers categories.
In a questionnaire survey we asked Japanese institutional investors to recall what they thought and did during the worldwide stock market crash in October, 1987. The results confirm that the drop in U. S. stock prices was the primary factor on their minds, and other news stories in the United States dominated Japanese news stories. A comparison with an earlier survey of U. 5. institutional investors at the time of the crash (Shiller [1987])shows a remarkable similarity between Japanese and U. S. institutional investors in a number of attitudinal and behavioral dimensions. The results suggest that events in the United States were the proximate cause of the crash in Japan, but that the transmission mechanism of the crash was very similar in both countries.
Financial Markets
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Author :
language : en
Publisher:
Release Date : 1988
Financial Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Stock Market Crash, 1987 categories.
Investor Behvaior In The October 1987 Stock Market Crash
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Author :
language : en
Publisher:
Release Date : 1988
Investor Behvaior In The October 1987 Stock Market Crash written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Capital Ideas And Market Realities
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Author : Bruce I. Jacobs
language : en
Publisher: Wiley-Blackwell
Release Date : 1999-08-03
Capital Ideas And Market Realities written by Bruce I. Jacobs and has been published by Wiley-Blackwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-08-03 with Business & Economics categories.
Bruce Jacobs sifts through the history of modern finance, from the efficient market hypothesis to behavioral psychology and chaos theory, to determine the cause of recent market crashes. Includes a Foreword from Nobel Laureate Harry M. Markowitz. Showcases the expertise of an author who identified and predicted the causes of 1987, 1997 and 1998 crashes. Explains the risks of little-understood option replication. Offers chapter summaries, appendices and a glossary.
Black Monday The Stock Market Crash Of October 19 1987
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
language : en
Publisher:
Release Date : 1988
Black Monday The Stock Market Crash Of October 19 1987 written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Securities industry categories.
Financial Markets
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1988
Financial Markets written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Options (Finance) categories.
Pursuant to a congressional request, GAO examined aspects of the October 19, 1987, market crash, focusing on: (1) market evolution and interrelationships; (2) operating structure; (3) market regulation; (4) market internationalization; (5) the availability of adequate capital and liquidity; and (6) abusive sales and trading practices. GAO found that: (1) a confluence of macroeconomic, political, psychological, and trading factors caused the crash; (2) the futures and securities markets have developed broad new trading interests and strategies, as well as intermarket and international links; (3) the market and regulatory systems performed relatively well in the face of unprecedented volumes and price changes; (4) backlogs in the New York Stock Exchange's automated system adversely affected trade executions and pricing information; (5) federal regulators and the exchanges responded to high volatility in the markets without the benefit of any formal intermarket contingency planning; and (6) no agency currently has responsibility for intermarket decisionmaking. GAO believes that: (1) the markets should reevaluate and improve their trading and information systems to ensure that they are capable of handling trading pressures; (2) regulatory agencies should develop integrated intermarket contingency plans to deal with market breaks; (3) federal agencies should develop an appropriate intermarket regulatory structure encompassing intermarket products and strategies, provision of adequate liquidity, and growth of international financial market links; and (4) congressional repeal of the Banking Act of 1933 could allow the merging of the securities and banking industries and emphasize the need for an appropriate regulatory structure for linked markets and industries.
Market Volatility
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Author : Robert J. Shiller
language : en
Publisher: MIT Press
Release Date : 1992-01-30
Market Volatility written by Robert J. Shiller and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-01-30 with Business & Economics categories.
Market Volatility proposes an innovative theory, backed by substantial statistical evidence, on the causes of price fluctuations in speculative markets. It challenges the standard efficient markets model for explaining asset prices by emphasizing the significant role that popular opinion or psychology can play in price volatility. Why does the stock market crash from time to time? Why does real estate go in and out of booms? Why do long term borrowing rates suddenly make surprising shifts? Market Volatility represents a culmination of Shiller's research on these questions over the last dozen years. It contains reprints of major papers with new interpretive material for those unfamiliar with the issues, new papers, new surveys of relevant literature, responses to critics, data sets, and reframing of basic conclusions. Included is work authored jointly with John Y. Campbell, Karl E. Case, Sanford J. Grossman, and Jeremy J. Siegel. Market Volatility sets out basic issues relevant to all markets in which prices make movements for speculative reasons and offers detailed analyses of the stock market, the bond market, and the real estate market. It pursues the relations of these speculative prices and extends the analysis of speculative markets to macroeconomic activity in general. In studies of the October 1987 stock market crash and boom and post-boom housing markets, Market Volatility reports on research directly aimed at collecting information about popular models and interpreting the consequences of belief in those models. Shiller asserts that popular models cause people to react incorrectly to economic data and believes that changing popular models themselves contribute significantly to price movements bearing no relation to fundamental shocks.
The Crash Put Simply
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Author : Ruben J. Dunn
language : en
Publisher: Praeger
Release Date : 1988-10-17
The Crash Put Simply written by Ruben J. Dunn and has been published by Praeger this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-10-17 with Business & Economics categories.
"Addresses itself to people curious to know more about the nature of the market crash, its causes and its possible impacts on their lives.
Why Stock Markets Crash
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Author : Didier Sornette
language : en
Publisher: Princeton University Press
Release Date : 2017-03-21
Why Stock Markets Crash written by Didier Sornette and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-21 with Business & Economics categories.
The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of materials. In this book, Didier Sornette boldly applies his varied experience in these areas to propose a simple, powerful, and general theory of how, why, and when stock markets crash. Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. Sornette proposes a radically different view: the underlying cause can be sought months and even years before the abrupt, catastrophic event in the build-up of cooperative speculation, which often translates into an accelerating rise of the market price, otherwise known as a "bubble." Anchoring his sophisticated, step-by-step analysis in leading-edge physical and statistical modeling techniques, he unearths remarkable insights and some predictions--among them, that the "end of the growth era" will occur around 2050. Sornette probes major historical precedents, from the decades-long "tulip mania" in the Netherlands that wilted suddenly in 1637 to the South Sea Bubble that ended with the first huge market crash in England in 1720, to the Great Crash of October 1929 and Black Monday in 1987, to cite just a few. He concludes that most explanations other than cooperative self-organization fail to account for the subtle bubbles by which the markets lay the groundwork for catastrophe. Any investor or investment professional who seeks a genuine understanding of looming financial disasters should read this book. Physicists, geologists, biologists, economists, and others will welcome Why Stock Markets Crash as a highly original "scientific tale," as Sornette aptly puts it, of the exciting and sometimes fearsome--but no longer quite so unfathomable--world of stock markets.