Why the Bubble Burst

US Stock Market Performance since 1982

AvLawrance L. Evans Jr.

Inbunden, Engelska, 2003

Del i serien New Directions in Modern Economics series

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Beskrivning

Why the Bubble Burst provides a comprehensive look at the most dramatic run-up in equity values in US history. Lawrance Evans takes the reader from theory to empirics, illustrating why we need to go beyond the efficient markets hypothesis and the theory of domestic irrational exuberance to fully unpack the unprecedented phenomenon, why the market was destined for a major decline and why the fallout will be severe and protracted. Quantitative evidence suggests that mutual funds, international portfolio flows, and the decline in the amount of corporate equity outstanding all played an integral role in the stock market boom. These ingredients in the context of a supply and demand based theory of equity price determination indicate that supply and demand forces unrelated to corporate profitability elevated US equity valuations to unsustainable levels. The author's conclusions carry implications for economic theory and policy, retirement security and stock market investments in general. Economists, finance professionals and policymakers will find this volume a unique investigation into the stock market boom and bust.

Produktinformation

Utgivningsdatum:2003-05-28
Mått:156 x 234 x undefined mm
Format:Inbunden
Språk:Engelska
Serie:New Directions in Modern Economics series
Förlag:Edward Elgar Publishing Ltd
ISBN:9781843760757

Utforska kategorier

Ekonomisk historia inom Ekonomi och Ledarskap
Finansiering inom Ekonomi och Ledarskap

Mer om författaren

Lawrance L. Evans Jr., Economist, Applied Research and Methods Group, US General Accounting Office

Recensioner i media

'Why the Bubble Burst is a most welcome contribution to our understanding of the causes of the stock market boom and bust during the 1980s to 2000. By providing an excellent empirical investigation and analysis of the stock market boom, Evans gives us a coherent critique of how financial markets work and how they set asset prices during times of speculation. His evidence suggests that to understand the recent speculative nature of the stock market we need to go beyond the existing asset pricing models, that are used widely in finance theory today, and look carefully at alternative theories. Turning to the work of Keynes, Minsky, Galbraith and others, the author develops a more general theory of what determines asset price movements in the stock market. A very impressive and valuable work.'

Innehållsförteckning

Contents: 1. Towards an Understanding of the Stock Market Bubble 2. Competing Theories of Stock Price Behavior 3. Empirical Approaches to Stock Values 4. Theoretical Approaches to the Stock Market Boom 5. Empirical Analysis I: The Stylized Facts 6. Empirical Analysis II: Formal Econometrics 7. Boom, Bubble and Burst Bibliography Index