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With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression
16 references·3 citing·41 second hop
With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression (2001)With a Bang, Not a Whimper: Pricking Germ…A Monetary History of the United States, 1867-1960 (2017)A Monetary History of the Uni…Stock Markets, Banks, and Economic Growth (1999)Stock Markets, Banks, and Eco…Financial Development and Economic Growth: Views and Agenda (1999)Financial Development and Eco…Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Do Investment-Cash Flow Sensi…The Financial Accelerator and the Flight to Quality (1996)The Financial Accelerator and…Investment Under Uncertainty. (1994)Investment Under Uncertainty.Investment under Uncertainty (1994)Investment under UncertaintyDiscretion versus policy rules in practice (1993)Discretion versus policy rule…Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups (1991)Corporate Structure, Liquidit…Cointegration and Tests of Present Value Models (1987)Cointegration and Tests of Pr…Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression (1983)Non-Monetary Effects of the F…Stock Returns, Real Activity, Inflation, and Money (1981)Stock Returns, Real Activity,…Irreversibility, Uncertainty, and Cyclical Investment (1980)Irreversibility, Uncertainty,…Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? (1980)Do Stock Prices Move Too Much…Asset returns and inflation (1977)Asset returns and inflationA General Equilibrium Approach To Monetary Theory (1969)A General Equilibrium Approac…Financial Market Bubbles and Crashes, Second Edition (2018)Financial Market Bubbles and …Monetary Policy and Stock Market Booms and Busts in the 20th Century (2007)Monetary Policy and Stock Mar…Still Fettered After All These Years (2002)Still Fettered After All Thes…Dividend Policy, Growth, and the Valuation of Shares (1961)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Does the Stock Market Overreact? (1985)Noise Trader Risk in Financial Markets (1990)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Time Series Analysis, Forecasting, and Control (1995)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Expected stock returns and volatility (1987)Efficient Capital Markets: II (1991)On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks (1993)Understanding business cycles (1977)The Value of Waiting to Invest (1982)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)The Financial Accelerator in a Quantitative Business Cycle Framework (1998)Managing with Style: The Effect of Managers on Firm Policies (2003)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)Rules, discretion and reputation in a model of monetary policy (1983)The Science of Monetary Policy: A New Keynesian Perspective (1999)Estimation and Inference of Impulse Responses by Local Projections (2005)Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach (2007)On the mechanics of economic development (1988)A Contribution to the Empirics of Economic Growth (1992)Finance and Growth: Schumpeter Might Be Right (1993)Finance and Growth: Theory and Evidence (2004)Chapter 12 Finance and Growth: Theory and Evidence (2005)Law, finance, and economic growth in China (2005)Law and Finance (1998)The World Price of Insider Trading (2002)Finance, inequality and the poor (2007)Information Technology and the U.S. Economy (2001)Nursery Cities: Urban Diversity, Process Innovation, and the Life Cycle of Products (2001)Does female representation in top management improve firm performance? A panel data investigation (2012)The Stochastic Behavior of Commodity Prices: Implications for Valuation and Hedging (1997)The Value Premium (2005)Policy Uncertainty and Corporate Investment (2015)Capital markets research in accounting (2001)
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References

  • 1994Investment Under Uncertainty.9,497 cited
  • 1993Discretion versus policy rules in practice9,059 cited
  • 1994Investment under Uncertainty9,016 cited
  • 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?6,790 cited
  • 1969A General Equilibrium Approach To Monetary Theory5,340 cited
  • 1980Irreversibility, Uncertainty, and Cyclical Investment4,130 cited
  • 1980Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?4,020 cited
  • 1999Financial Development and Economic Growth: Views and Agenda2,978 cited
  • 1999Stock Markets, Banks, and Economic Growth2,881 cited
  • 1977Asset returns and inflation2,701 cited
  • 1981Stock Returns, Real Activity, Inflation, and Money2,632 cited
  • 2017A Monetary History of the United States, 1867-19602,467 cited
  • 1991Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups2,361 cited
  • 1996The Financial Accelerator and the Flight to Quality2,351 cited
  • 1983Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression2,173 cited
  • 1987

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Cointegration and Tests of Present Value Models
2,160 cited

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  • 2018Financial Market Bubbles and Crashes, Second Edition29 cited
  • 2002Still Fettered After All These Years25 cited
  • 2007Monetary Policy and Stock Market Booms and Busts in the 20th Century15 cited