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The Economic Psychology of Stock Market Bubbles in China
16 references·16 citing·42 second hopsampled
The Economic Psychology of Stock Market Bubbles in China (2009)The Economic Psychology of Stock Market B…Expected EPS and EPS Growth as Determinantsof Value (2005)Expected EPS and EPS Growth a…From Efficient Markets Theory to Behavioral Finance (2003)From Efficient Markets Theory…Irrational Exuberance (2001)Irrational ExuberanceAsset Pricing under Asymmetric Information (2001)Asset Pricing under Asymmetri…Inefficient Markets (2000)Inefficient MarketsThe Shrinking Equity Premium (1999)The Shrinking Equity PremiumVolume, Volatility, Price, and Profit When All Traders Are Above Average (1998)Volume, Volatility, Price, an…Stocks, bonds, bills, and inflation yearbook (1993)Stocks, bonds, bills, and inf…Market Volatility and Investor Behavior (1990)Market Volatility and Investo…The equity premium: A puzzle (1985)The equity premium: A puzzleRisk and return (1984)Risk and returnSpeculative bubbles, crashes and rational expectations (1979)Speculative bubbles, crashes …Frame Analysis: An Essay on the Organization of Experience. (1975)Frame Analysis: An Essay on t…EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)EFFICIENT CAPITAL MARKETS: A …Efficient Capital Markets: A Review of Theory and Empirical Work (1970)Efficient Capital Markets: A …The Investment, Financing, and Valuation of the Corporation (1963)The Investment, Financing, an…Systemic risk of Chinese financial institutions and asset price bubbles (2023)Systemic risk of Chinese fina…Payment choice of M&As: Financial crisis and social innovation (2021)Payment choice of M&As: Finan…Boom and Bust (2020)Boom and BustIdentification of multiple stock bubbles in an emerging market: application of GSADF approach (2018)Identification of multiple st…Does Investor Sentiment Predict the Near‐Term Returns of the Chinese Stock Market? (2018)Does Investor Sentiment Predi…Can we use volatility to diagnose financial bubbles? lessons from 40 historical bubbles (2018)Can we use volatility to diag…An alternative explanation for high saving in China: Rising inequality (2018)An alternative explanation fo…Herding in frontier stock markets: evidence from the Vietnamese stock market (2017)Herding in frontier stock mar…Emotional finance: investment and the unconscious (2017)Emotional finance: investment…Time-varying correlation between oil and stock market volatilities: Evidence from oil-importing and oil-exporting countries (2016)Time-varying correlation betw…Testing for Multiple Bubbles in the BRICS Stock Markets (2014)Testing for Multiple Bubbles …The saving–growth–inequality triangle in China (2013)The saving–growth–inequality …On China's monetary policy and asset prices (2012)On China's monetary policy an…World financial crisis and the rise of Chinese commercial banks: an efficiency analysis using DEA (2010)World financial crisis and th…Emotional Finance: The Role of the Unconscious in Financial Decisions (2010)Emotional Finance: The Role o…Diversification and diffusion: A social networks and institutional perspective (2010)Diversification and diffusion…Market Fundamentals versus Price-Level Bubbles: The First Tests (1980)The Theory of Rational Bubbles in Stock Prices (1988)On Testing for Speculative Bubbles (1990)CRASHES AS CRITICAL POINTS (2000)Principles of Corporate Finance. (1981)Valuation and Clean Surplus Accounting for Operating and Financial Activities* (1995)Disclosure level and the cost of equity capital. (1997)PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital (2004)Political connections and the cost of equity capital (2012)Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency (2014)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Users of the world, unite! The challenges and opportunities of Social Media (2009)An Intertemporal Capital Asset Pricing Model (1973)Asset Prices in an Exchange Economy (1978)Time to Build and Aggregate Fluctuations (1982)Noise Trader Risk in Financial Markets (1990)Efficient Capital Markets: II (1991)ARCH modeling in finance (1992)Judgment under Uncertainty: Heuristics and Biases (1974)Prospect Theory: An Analysis of Decision under Risk (1979)Prospect theory: An analysis of decision under risk (1988)Market stress and herding (2004)WHAT DO WE KNOW ABOUT THE PROFITABILITY OF TECHNICAL ANALYSIS? (2007)Machine learning techniques and data for stock market forecasting: A literature review (2022)Judgment under Uncertainty: Heuristics and Biases (1975)Do Investors Trade Too Much? (1999)Investor Psychology and Asset Pricing (2001)Gender Differences in Preferences (2009)Common risk factors in the returns on stocks and bonds (1993)The Equity Share in New Issues and Aggregate Stock Returns (2000)The market for borrowing stock (2002)The Value Premium (2005)What Is Agency? (1998)Framing, Agenda Setting, and Priming: The Evolution of Three Media Effects Models (2006)Beyond Markets and States: Polycentric Governance of Complex Economic Systems (2010)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)The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors (1988)Predicting Excess Stock Returns Out of Sample: Can Anything Beat the Historical Average? (2007)
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References

  • 1970EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*15,723 cited
  • 1970Efficient Capital Markets: A Review of Theory and Empirical Work13,616 cited
  • 1975Frame Analysis: An Essay on the Organization of Experience.11,892 cited
  • 1985The equity premium: A puzzle5,785 cited
  • 1998Volume, Volatility, Price, and Profit When All Traders Are Above Average1,980 cited
  • 2003From Efficient Markets Theory to Behavioral Finance1,825 cited
  • 2005Expected EPS and EPS Growth as Determinantsof Value1,414 cited
  • 2000Inefficient Markets1,253 cited
  • 1963The Investment, Financing, and Valuation of the Corporation958 cited
  • 1979Speculative bubbles, crashes and rational expectations529 cited
  • 2001Asset Pricing under Asymmetric Information408 cited
  • 1993Stocks, bonds, bills, and inflation yearbook379 cited
  • 2001Irrational Exuberance378 cited
  • 1984Risk and return317 cited
  • 1990Market Volatility and Investor Behavior226 cited
  • 1999The Shrinking Equity Premium195 cited

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Cited by

  • 2016Time-varying correlation between oil and stock market volatilities: Evidence from oil-importing and oil-exporting countries157 cited
  • 2020Boom and Bust95 cited
  • 2017Emotional finance: investment and the unconscious77 cited
  • 2018Does Investor Sentiment Predict the Near‐Term Returns of the Chinese Stock Market?68 cited
  • 2023Systemic risk of Chinese financial institutions and asset price bubbles63 cited
  • 2010Emotional Finance: The Role of the Unconscious in Financial Decisions59 cited
  • 2018Can we use volatility to diagnose financial bubbles? lessons from 40 historical bubbles53 cited
  • 2010Diversification and diffusion: A social networks and institutional perspective50 cited
  • 2010World financial crisis and the rise of Chinese commercial banks: an efficiency analysis using DEA38 cited
  • 2012On China's monetary policy and asset prices36 cited
  • 2017Herding in frontier stock markets: evidence from the Vietnamese stock market30 cited
  • 2014Testing for Multiple Bubbles in the BRICS Stock Markets23 cited
  • 2018Identification of multiple stock bubbles in an emerging market: application of GSADF approach22 cited
  • 2021Payment choice of M&As: Financial crisis and social innovation21 cited
  • 2018An alternative explanation for high saving in China: Rising inequality20 cited
  • 2013The saving–growth–inequality triangle in China15 cited