1002:
1076:
40:
1157:, since investment bankers and their clients see opportunities to float new stock issues at inflated prices. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating longstanding economic value. Typically when there is an over abundance of IPOs in a bubble market, a large portion of the IPO companies fail completely, never achieve what is promised to the investors, or can even be vehicles for fraud.
1092:
912:
1253:
compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over a longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the benefits outweigh the risks of not doing so.
1189:, this doesn't happen, and so any data is wrong. For closed-end country funds, observers can compare the stock prices to the net asset value per share (the net value of the fund's total holdings divided by the number of shares outstanding). For experimental asset markets, observers can compare the stock prices to the expected returns from holding the stock (which the experimenter determines and communicates to the traders).
900:
1252:
managers, are compensated and retained in part due to their performance relative to peers. Taking a conservative or contrarian position as a bubble builds results in performance unfavorable to peers. This may cause customers to go elsewhere and can affect the investment manager's own employment or
1184:
To sort out the competing claims between behavioral finance and efficient markets theorists, observers need to find bubbles that occur when a readily available measure of fundamental value is also observable. The bubble in closed-end country funds in the late 1980s is instructive here, as are the
1220:
A rising price on any share will attract the attention of investors. Not all of those investors are willing or interested in studying the intrinsics of the share and for such people the rising price itself is reason enough to invest. In turn, the additional investment will provide buoyancy to the
1207:
in 1989 and 1990 in his work on price bubbles. At its peak, the Spain Fund traded near $ 35, nearly triple its Net Asset Value of about $ 12 per share. At the same time the Spain Fund and other closed-end country funds were trading at very substantial premiums, the number of closed-end country
1211:
It only took a few months for the premiums in closed-end country funds to fade back to the more typical discounts at which closed-end funds trade. Those who had bought them at premiums had run out of "greater fools". For a while, though, the supply of "greater fools" had been outstanding.
1236:) takes place normally: when prices rise more people are encouraged to sell, while fewer are encouraged to buy. This puts a limit on volatility. However, once positive feedback takes over, the market, like all systems with positive feedback, enters a state of increasing
993:. Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets. Other theoretical explanations of stock market bubbles have suggested that they are rational, intrinsic, and contagious.
1169:) seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as not to be against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing a
1115:
of the late 1990s, were based on speculative activity surrounding the development of new technologies. The 1920s saw the widespread introduction of a range of technological innovations including
1240:. This can be seen in financial bubbles where asset prices rapidly spike upwards far beyond what could be considered the rational "economic value", only to fall rapidly afterwards.
1173:
where the old stock valuation rules may no longer apply. This type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a
1716:
1068:
1061:
in
England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in
1366:
Smith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). "Bubbles, Crashes, and
Endogenous Expectations in Experimental Spot Asset Markets".
830:
1192:
In both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values. Nobel laureate Dr.
859:
2496:
1583:
The World's First Stock
Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a Modern Securities Market, 1602β1700
1197:
1748:
1202:
820:
785:
942:
2230:
598:
2393:
1875:
1864:
1570:
Economics 252, Financial
Markets: Lecture 4 β Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses)
1022:
1612:
1594:
Macaulay, Catherine R. (2015). βCapitalism's renaissance? The potential of repositioning the financial 'meta-economy'β. (
611:
2369:
1262:
770:
1969:
492:
1208:
funds available exploded thanks to many issuers creating new country funds and selling the IPOs at high premiums.
2363:
1741:
1228:
Like all dynamic systems, financial markets operate in an ever-changing equilibrium, which translates into price
1103:
The two most famous bubbles of the twentieth century, the bubble in
American stocks in the 1920s just before the
1006:
1181:
of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles.
2184:
2067:
1273:
1196:
has illustrated the closed-end country fund phenomenon with a chart showing prices and net asset values of the
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252:
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1987:
1909:
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1921:
1313:
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775:
660:
438:
212:
1412:
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2005:
1939:
1380:
928:
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2327:
2109:
2097:
1933:
1712:
1177:. Still, some analysts cite the wisdom of crowds and say that price movements really do reflect
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1062:
107:
97:
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2412:
2381:
2357:
2273:
2043:
1927:
1375:
266:
177:
1494:
Topol, Richard (1991). "Bubbles and
Volatility of Stock Prices: Effect of Mimetic Contagion".
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1951:
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1704:
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802:
719:
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282:
234:
77:
1411:
De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (1990).
8:
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1708:
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2157:
2115:
2011:
1999:
1858:
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1585:. Translated from the Dutch by Lynne Richards. (Columbia University Press, 2014, 304pp)
1511:
1476:
1435:
1393:
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1308:
1303:
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1038:
1018:
978:
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724:
679:
628:
469:
358:
92:
2462:
2091:
2038:
2017:
1981:
1963:
1869:
1825:
1608:
1233:
1222:
1143:
1058:
780:
656:
551:
418:
413:
408:
382:
343:
167:
67:
1439:
2306:
2301:
2278:
2073:
1783:
1700:
1671:
1659:
1554:
The
Origins of Value: The Financial Innovations that Created Modern Capital Markets
1503:
1466:
1427:
1385:
1343:
1278:
1108:
1080:
1010:
852:
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619:
537:
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207:
198:
102:
87:
49:
23:
1075:
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2174:
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1975:
1757:
1720:
1663:
1647:
1328:
1193:
1042:
972:
960:
835:
760:
751:
709:
674:
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474:
363:
277:
58:
1556:, Goetzmann & Rouwenhorst (eds.), Oxford University Press, 2005, pp. 165β175
39:
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2316:
2240:
2196:
2151:
2139:
1565:
1298:
1283:
1112:
1084:
1026:
982:
742:
580:
272:
242:
157:
124:
1131:. The 1990s was the decade when Internet and e-commerce technologies emerged.
2511:
2476:
1897:
1365:
990:
809:
765:
541:
503:
483:
368:
329:
82:
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1323:
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1030:
964:
916:
734:
704:
564:
262:
139:
112:
2263:
1852:
1813:
1548:
Neal, Larry (2005). βVenture Shares of the Dutch East India
Company,β in
1249:
1170:
1139:
1120:
324:
189:
134:
129:
72:
1537:
Business
Adventures: Twelve Classic Tales from the World of Wall Street
1515:
1480:
1397:
1096:
1034:
986:
559:
398:
334:
1083:
index spiked in the late 90s and then fell sharply as a result of the
864:
825:
508:
297:
292:
1726:
1507:
1389:
1185:
bubbles that occur in experimental asset markets. According to the
1091:
1723:. Warning: this reference has been widely criticized by historians.
1607:
Sergey
Perminov, Trendocracy and Stock Market Manipulations (2008,
1431:
1124:
1037:, of the 1630s, is generally considered the world's first recorded
312:
172:
1471:
1454:
31:
899:
184:
1138:
occurred in Brazil during the late 1880s and early 1890s, the
1116:
968:
403:
353:
729:
696:
307:
247:
1717:
Extraordinary Popular Delusions and the Madness of Crowds
1069:
Extraordinary Popular Delusions and the Madness of Crowds
640:
1153:
Stock market bubbles frequently produce hot markets in
1023:
financial activities of the 17th-century Dutch Republic
971:
prices above their value in relation to some system of
1452:
1650:(2003). "Stock Market Bubbles in the Laboratory".
1685:Blodget-The Atlantic-Why Wall St. Always Blows It
1160:
2509:
1025:, the birthplace of the first formal (official)
1134:Other stock market bubbles of note include the
1053:Two famous early stock market bubbles were the
1742:
1455:"Intrinsic Bubbles: The Case of Stock Prices"
1453:Froot, Kenneth A.; Obstfeld, Maurice (1991).
1017:Historically, early stock market bubbles and
936:
1645:
1005:Courtyard of the Amsterdam Stock Exchange (
821:International Financial Reporting Standards
786:Separation of investment and retail banking
1749:
1735:
1539:. (New York: Weybright & Talley, 1968)
981:theory attributes stock market bubbles to
943:
929:
1533:The Fluctuation: The Little Crash in '62
1470:
1404:
1379:
1487:
1446:
1413:"Noise Trader Risk in Financial Markets"
1359:
1090:
1074:
1000:
1624:
1243:
2510:
1756:
1730:
1627:"How Did Economists Get It So Wrong?"
1493:
1215:
1165:Emotional and cognitive biases (see
1248:Investment managers, such as stock
13:
860:Private equity and venture capital
771:Bank for International Settlements
14:
2544:
1693:
1652:The Journal of Behavioral Finance
1598:, Volume 68, April 2015, p. 5β18)
1148:Japanese stocks in the late 1980s
905:Business and Economics portal
16:Economic bubble in a stock market
1876:1830s Chicago real estate bubble
1865:1810s Alabama real estate bubble
1721:available from Project Gutenberg
910:
898:
493:Base erosion and profit shifting
38:
1678:
1639:
1618:
1601:
1263:Histoire des bourses de valeurs
967:when market participants drive
2068:Western Australian gold rushes
1588:
1575:
1559:
1542:
1522:
1232:. However, a self-adjustment (
1161:Whether rational or irrational
253:Collateralised debt obligation
163:Bull (stock market speculator)
1:
1352:
1339:Stock market crashes in India
599:Final consumption expenditure
2497:U.S. higher education bubble
2408:Chinese stock bubble of 2007
2370:United States housing bubble
2364:2000s Danish property bubble
2346:Baltic states housing bubble
2122:Second Nova Scotia Gold Rush
1664:10.1207/S15427579JPFM0401_03
1625:Krugman, Paul (2009-09-02).
1420:Journal of Political Economy
1007:Beurs van Hendrick de Keyser
7:
2334:Japanese asset price bubble
2322:New Zealand property bubble
2291:New Zealand property bubble
2220:Third Nova Scotia Gold Rush
1988:First Nova Scotia Gold Rush
1269:1991 Indian economic crisis
1256:
1187:efficient-market hypothesis
1142:stocks in the early 1970s,
1048:
10:
2549:
2451:Australian property bubble
2086:Tierra del Fuego gold rush
1970:Colorado River mining boom
1910:Queen Charlottes Gold Rush
1274:2007β2008 financial crisis
996:
831:Professional certification
429:Enterprise risk management
213:Offshore financial centres
2487:Social media stock bubble
2472:
2421:
2300:
2262:
2229:
2173:
2029:2nd Industrial Revolution
2027:
1922:New South Wales gold rush
1890:
1843:1st Industrial Revolution
1841:
1802:
1764:
1314:Financial risk management
1294:Diversification (finance)
1221:price, thus completing a
1105:Wall Street Crash of 1929
1065:'s 1841 popular account,
776:Financial Stability Board
2388:Canadian property bubble
2376:Romanian property bubble
2215:1930s Kakamega gold rush
2006:Vermilion Lake gold rush
1459:American Economic Review
1155:initial public offerings
465:Mergers and acquisitions
2439:Lebanese housing bubble
2400:Lebanese housing bubble
2394:Chinese property bubble
2328:Spanish property bubble
2185:1920s Florida land boom
2110:Cripple Creek Gold Rush
2098:Witwatersrand Gold Rush
2039:1870s Lapland gold rush
1934:Fraser Canyon Gold Rush
2433:2000s commodities boom
2413:Uranium bubble of 2007
2382:Polish property bubble
2358:2000s commodities boom
2274:1970s commodities boom
2044:Coromandel Gold Rushes
1928:Australian gold rushes
1146:stocks in 1987β89 and
1129:electrical power grids
1127:and the deployment of
1100:
1088:
1014:
267:certificate of deposit
2457:Cryptocurrency bubble
2445:Corporate debt bubble
2352:Irish property bubble
2134:Mount Baker gold rush
2056:Black Hills gold rush
1958:Similkameen Gold Rush
1952:Pennsylvania oil rush
1940:Pike's Peak gold rush
1832:Bengal Bubble of 1769
1804:Commercial revolution
1779:Irrational exuberance
1319:Irrational exuberance
1179:rational expectations
1094:
1078:
1004:
218:Conduit and sink OFCs
2128:Kobuk River Stampede
2062:Colorado Silver Boom
1994:West Coast gold rush
1946:Rock Creek Gold Rush
1904:California gold rush
1496:The Economic Journal
1244:Effect of incentives
1021:have their roots in
444:Financial statements
424:Credit rating agency
349:Repurchase agreement
2264:The Great Inflation
2247:Porcupine Gold Rush
2231:PostβWWII expansion
2209:Porcupine Gold Rush
2191:Fairbanks Gold Rush
2164:Porcupine Gold Rush
2146:Fairbanks Gold Rush
1916:Victorian gold rush
1881:Chilean silver rush
1794:Stock market bubble
1709:Mississippi Company
1289:Collective behavior
1057:in France and the
957:stock market bubble
880:Accounting scandals
870:Stock market bubble
590:Government spending
547:Employment contract
499:Corporate tax haven
258:Credit default swap
2518:Behavioral finance
2203:Cobalt silver rush
2158:Cobalt silver rush
2116:Klondike Gold Rush
2012:Kildonan Gold Rush
2000:Big Bend Gold Rush
1859:Carolina gold rush
1820:Mississippi bubble
1789:Real-estate bubble
1646:Porter, David P.;
1632:The New York Times
1581:Petram, Lodewijk:
1334:Stock market crash
1309:Financial modeling
1304:Fictitious capital
1167:behavioral finance
1107:and the following
1101:
1089:
1055:Mississippi Scheme
1039:speculative bubble
1015:
979:Behavioral finance
875:Stock market crash
725:Investment banking
715:Fractional-reserve
680:Warrant of payment
629:Government revenue
552:Financial planning
470:Structured finance
2505:
2504:
2463:Everything bubble
2112:(c. 1890βc. 1910)
2092:Cayoosh Gold Rush
2082:(c. 1880βc. 1930)
2070:(c. 1880βc. 1900)
2052:(c. 1870βc. 1890)
2050:Cassiar Gold Rush
2046:(c. 1870βc. 1890)
2018:Omineca Gold Rush
1982:Cariboo Gold Rush
1964:Stikine Gold Rush
1900:(c. 1840βc. 1850)
1870:Georgia Gold Rush
1855:(c. 1790βc. 1810)
1758:Financial bubbles
1613:978-1-4357-5244-3
1234:negative feedback
1223:positive feedback
1216:Positive feedback
1035:Dutch tulip mania
953:
952:
843:
842:
793:
792:
781:Deposit insurance
687:
686:
521:
520:
419:Corporate finance
414:Capital structure
409:Capital budgeting
344:Performance bonds
225:
224:
208:Financial centres
168:Financial planner
68:Asset (economics)
2540:
2523:Economic bubbles
2307:Great Regression
2302:Great Moderation
2279:Mexican oil boom
2074:Indiana gas boom
1826:South Sea bubble
1784:Social contagion
1751:
1744:
1737:
1728:
1727:
1711:can be found in
1701:South Sea Bubble
1699:Accounts of the
1687:
1682:
1676:
1675:
1648:Smith, Vernon L.
1643:
1637:
1636:
1622:
1616:
1605:
1599:
1592:
1586:
1579:
1573:
1563:
1557:
1550:Origins of Value
1546:
1540:
1526:
1520:
1519:
1502:(407): 786β800.
1491:
1485:
1484:
1474:
1465:(5): 1189β1214.
1450:
1444:
1443:
1417:
1408:
1402:
1401:
1383:
1374:(5): 1119β1151.
1363:
1344:The Green Bubble
1279:Asset allocation
1206:
1109:Great Depression
1081:NASDAQ Composite
1059:South Sea bubble
1033:in history. The
1011:Emanuel de Witte
983:cognitive biases
963:taking place in
945:
938:
931:
917:Money portal
915:
914:
913:
903:
902:
853:Economic history
815:
814:
748:
747:
646:Deficit spending
620:Transfer payment
586:
585:
514:Transfer pricing
460:Leveraged buyout
434:Enterprise value
388:
387:
303:Letter of credit
288:Futures contract
121:
119:Over-the-counter
108:Foreign exchange
55:
54:
42:
19:
18:
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2541:
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2468:
2425:
2423:Information Age
2417:
2309:
2305:
2296:
2285:Silver Thursday
2266:
2258:
2253:Poseidon bubble
2233:
2225:
2177:
2175:Interwar period
2169:
2031:
2023:
1976:Otago gold rush
1886:
1845:
1837:
1806:
1798:
1760:
1755:
1696:
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1679:
1644:
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1606:
1602:
1593:
1589:
1580:
1576:
1566:Shiller, Robert
1564:
1560:
1547:
1543:
1527:
1523:
1508:10.2307/2233855
1492:
1488:
1451:
1447:
1415:
1409:
1405:
1390:10.2307/1911361
1364:
1360:
1355:
1349:
1329:Risk management
1259:
1246:
1218:
1200:
1163:
1051:
1043:economic bubble
999:
973:stock valuation
961:economic bubble
949:
911:
909:
897:
885:
884:
855:
845:
844:
836:Fund governance
812:
795:
794:
761:Banking license
752:Bank regulation
739:
710:Deposit account
699:
689:
688:
675:Non-tax revenue
671:
650:
616:
583:
573:
572:
569:
533:
523:
522:
475:Venture capital
439:Risk management
385:
375:
374:
373:
364:Syndicated loan
340:
237:
227:
226:
117:
52:
17:
12:
11:
5:
2546:
2536:
2535:
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2520:
2503:
2502:
2500:
2499:
2494:
2492:Unicorn bubble
2489:
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2479:
2473:
2470:
2469:
2467:
2466:
2460:
2454:
2448:
2442:
2436:
2429:
2427:
2426:(2007βpresent)
2419:
2418:
2416:
2415:
2410:
2404:
2403:
2397:
2391:
2385:
2379:
2373:
2367:
2361:
2355:
2354:(c. 2000β2007)
2349:
2343:
2340:Dot-com bubble
2337:
2331:
2325:
2319:
2317:1980s oil glut
2313:
2311:
2298:
2297:
2295:
2294:
2293:(c. 1980β1982)
2288:
2282:
2276:
2270:
2268:
2260:
2259:
2257:
2256:
2250:
2249:(1945βc. 1960)
2244:
2243:(1945βc. 1950)
2241:Texas oil boom
2237:
2235:
2227:
2226:
2224:
2223:
2217:
2212:
2206:
2205:(1918βc. 1930)
2200:
2197:Texas oil boom
2194:
2193:(1918βc. 1930)
2188:
2187:(c. 1920β1925)
2181:
2179:
2171:
2170:
2168:
2167:
2161:
2155:
2152:Texas oil boom
2149:
2148:(c. 1900β1918)
2143:
2140:Nome Gold Rush
2137:
2136:(1897βc. 1925)
2131:
2125:
2119:
2113:
2107:
2101:
2095:
2089:
2083:
2077:
2076:(c. 1880β1903)
2071:
2065:
2059:
2053:
2047:
2041:
2035:
2033:
2025:
2024:
2022:
2021:
2015:
2009:
2003:
1997:
1991:
1985:
1979:
1973:
1967:
1961:
1955:
1949:
1943:
1937:
1931:
1925:
1919:
1918:(1851βc. 1870)
1913:
1907:
1901:
1894:
1892:
1888:
1887:
1885:
1884:
1878:
1873:
1872:(1828βc. 1840)
1867:
1862:
1856:
1849:
1847:
1839:
1838:
1836:
1835:
1829:
1823:
1817:
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1713:Charles Mackay
1695:
1694:External links
1692:
1689:
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1617:
1600:
1587:
1574:
1558:
1541:
1521:
1486:
1445:
1432:10.1086/261703
1426:(4): 703β738.
1403:
1381:10.1.1.360.174
1357:
1356:
1354:
1351:
1347:
1346:
1341:
1336:
1331:
1326:
1321:
1316:
1311:
1306:
1301:
1299:Dot-com bubble
1296:
1291:
1286:
1284:Business cycle
1281:
1276:
1271:
1266:
1258:
1255:
1245:
1242:
1238:disequilibrium
1217:
1214:
1162:
1159:
1113:Dot-com bubble
1085:dot-com bubble
1063:Charles Mackay
1050:
1047:
1027:stock exchange
998:
995:
951:
950:
948:
947:
940:
933:
925:
922:
921:
920:
919:
907:
895:
887:
886:
883:
882:
877:
872:
867:
862:
856:
851:
850:
847:
846:
841:
840:
839:
838:
833:
828:
823:
813:
801:
800:
797:
796:
791:
790:
789:
788:
783:
778:
773:
768:
763:
755:
754:
746:
745:
743:Lists of banks
738:
737:
732:
727:
722:
717:
712:
707:
701:
700:
695:
694:
691:
690:
685:
684:
683:
682:
677:
672:
670:
669:
664:
653:
651:
649:
648:
643:
637:
632:
631:
625:
624:
623:
622:
617:
615:
614:
612:Redistribution
609:
603:
601:
593:
592:
584:
579:
578:
575:
574:
571:
570:
568:
567:
562:
556:
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454:
453:
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448:
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441:
436:
431:
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401:
393:
392:
386:
381:
380:
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372:
371:
366:
361:
356:
351:
346:
339:
338:
332:
327:
317:
316:
315:
310:
305:
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285:
280:
275:
270:
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255:
250:
245:
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215:
210:
202:
201:
195:
194:
193:
192:
187:
182:
181:
180:
170:
165:
160:
158:Angel investor
152:
151:
145:
144:
143:
142:
137:
132:
127:
125:Private equity
122:
115:
110:
105:
100:
95:
90:
85:
80:
75:
70:
62:
61:
53:
48:
47:
44:
43:
35:
34:
28:
27:
15:
9:
6:
4:
3:
2:
2545:
2534:
2531:
2529:
2528:Market trends
2526:
2524:
2521:
2519:
2516:
2515:
2513:
2498:
2495:
2493:
2490:
2488:
2485:
2483:
2480:
2478:
2477:Carbon bubble
2475:
2474:
2471:
2464:
2461:
2458:
2455:
2452:
2449:
2446:
2443:
2440:
2437:
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2299:
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2201:
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2186:
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2172:
2165:
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2159:
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2150:
2147:
2144:
2141:
2138:
2135:
2132:
2129:
2126:
2123:
2120:
2117:
2114:
2111:
2108:
2105:
2102:
2099:
2096:
2093:
2090:
2087:
2084:
2081:
2080:Ohio oil rush
2078:
2075:
2072:
2069:
2066:
2063:
2060:
2057:
2054:
2051:
2048:
2045:
2042:
2040:
2037:
2036:
2034:
2030:
2026:
2019:
2016:
2013:
2010:
2007:
2004:
2001:
1998:
1995:
1992:
1989:
1986:
1983:
1980:
1977:
1974:
1971:
1968:
1965:
1962:
1959:
1956:
1953:
1950:
1947:
1944:
1941:
1938:
1935:
1932:
1929:
1926:
1923:
1920:
1917:
1914:
1911:
1908:
1905:
1902:
1899:
1898:Railway Mania
1896:
1895:
1893:
1889:
1882:
1879:
1877:
1874:
1871:
1868:
1866:
1863:
1860:
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1812:
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1628:
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1571:
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1534:
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1525:
1517:
1513:
1509:
1505:
1501:
1497:
1490:
1482:
1478:
1473:
1472:10.3386/w3091
1468:
1464:
1460:
1456:
1449:
1441:
1437:
1433:
1429:
1425:
1421:
1414:
1407:
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1387:
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1241:
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1226:
1224:
1213:
1209:
1204:
1199:
1195:
1190:
1188:
1182:
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1168:
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1126:
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1098:
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1077:
1073:
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1064:
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1046:
1044:
1040:
1036:
1032:
1028:
1024:
1020:
1012:
1008:
1003:
994:
992:
991:herd behavior
988:
985:that lead to
984:
980:
976:
974:
970:
966:
965:stock markets
962:
959:is a type of
958:
946:
941:
939:
934:
932:
927:
926:
924:
923:
918:
908:
906:
901:
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890:
889:
888:
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878:
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868:
866:
863:
861:
858:
857:
854:
849:
848:
837:
834:
832:
829:
827:
824:
822:
819:
818:
817:
816:
811:
810:Financial law
808:
804:
799:
798:
787:
784:
782:
779:
777:
774:
772:
769:
767:
766:Basel Accords
764:
762:
759:
758:
757:
756:
753:
750:
749:
744:
741:
740:
736:
733:
731:
728:
726:
723:
721:
718:
716:
713:
711:
708:
706:
703:
702:
698:
693:
692:
681:
678:
676:
673:
668:
665:
662:
658:
655:
654:
652:
647:
644:
642:
639:
638:
636:
635:
634:
633:
630:
627:
626:
621:
618:
613:
610:
608:
605:
604:
602:
600:
597:
596:
595:
594:
591:
588:
587:
582:
577:
576:
566:
563:
561:
558:
557:
555:
553:
550:
548:
545:
543:
539:
536:
535:
532:
527:
526:
515:
512:
510:
507:
505:
504:Tax inversion
502:
500:
497:
494:
491:
490:
489:
488:
485:
482:
481:
476:
473:
471:
468:
466:
463:
461:
458:
457:
456:
455:
451:
450:
445:
442:
440:
437:
435:
432:
430:
427:
425:
422:
420:
417:
415:
412:
410:
407:
405:
402:
400:
397:
396:
395:
394:
390:
389:
384:
379:
378:
370:
369:Synthetic CDO
367:
365:
362:
360:
357:
355:
352:
350:
347:
345:
342:
341:
336:
333:
331:
328:
326:
322:
319:
318:
314:
311:
309:
306:
304:
301:
299:
296:
294:
291:
289:
286:
284:
281:
279:
276:
274:
271:
268:
264:
261:
259:
256:
254:
251:
249:
246:
244:
241:
240:
236:
231:
230:
219:
216:
214:
211:
209:
206:
205:
204:
203:
200:
197:
196:
191:
188:
186:
183:
179:
178:institutional
176:
175:
174:
171:
169:
166:
164:
161:
159:
156:
155:
154:
153:
150:
147:
146:
141:
138:
136:
133:
131:
128:
126:
123:
120:
116:
114:
111:
109:
106:
104:
101:
99:
96:
94:
91:
89:
86:
84:
83:Capital asset
81:
79:
76:
74:
71:
69:
66:
65:
64:
63:
60:
57:
56:
51:
46:
45:
41:
37:
36:
33:
30:
29:
25:
21:
20:
2533:Stock market
2482:Green bubble
2104:Encilhamento
1793:
1774:Credit cycle
1769:Market trend
1680:
1655:
1651:
1641:
1630:
1620:
1603:
1595:
1590:
1582:
1577:
1569:
1561:
1553:
1549:
1544:
1536:
1532:
1529:Brooks, John
1524:
1499:
1495:
1489:
1462:
1458:
1448:
1423:
1419:
1406:
1371:
1368:Econometrica
1367:
1361:
1348:
1324:Market trend
1247:
1227:
1219:
1210:
1194:Vernon Smith
1191:
1183:
1175:greater fool
1164:
1152:
1136:Encilhamento
1133:
1102:
1066:
1052:
1016:
977:
956:
954:
869:
806:
735:Money supply
720:Full-reserve
705:Central bank
565:Student loan
540: /
452:Transactions
263:Time deposit
149:Participants
78:Asset growth
2435:(2008β2014)
2402:(2005β2008)
2396:(2005β2011)
2384:(2002β2008)
2378:(2002β2007)
2372:(2002β2006)
2366:(2001β2006)
2360:(2000β2008)
2348:(2000β2006)
2342:(1995β2000)
2336:(1986β1990)
2330:(1985β2008)
2310:(1982β2007)
2281:(1977β1981)
2267:(1973β1982)
2255:(1969β1970)
2234:(1945β1973)
2222:(1932β1942)
2211:(1918β1945)
2199:(1918β1945)
2178:(1918β1939)
2166:(1909β1918)
2160:(1903β1918)
2154:(1901β1918)
2142:(1899β1909)
2130:(1897β1899)
2124:(1896β1903)
2118:(1896β1899)
2106:(1886β1890)
2088:(1883β1906)
2064:(1879β1893)
2058:(1874β1880)
2032:(1870β1914)
2008:(1865β1867)
1996:(1864β1867)
1990:(1861β1874)
1984:(1861β1867)
1978:(1861β1864)
1972:(1861β1864)
1954:(1859β1891)
1942:(1858β1861)
1930:(1851β1914)
1924:(1851β1880)
1906:(1848β1855)
1883:(1830β1850)
1861:(1802β1825)
1853:Canal Mania
1846:(1760β1840)
1834:(1757β1769)
1828:(1711β1720)
1822:(1684β1720)
1816:(1634β1637)
1814:Tulip mania
1807:(1000β1760)
1715:'s classic
1658:(1): 7β20.
1250:mutual fund
1201: [
1171:new economy
1140:Nifty Fifty
1121:automobiles
273:Credit line
235:Instruments
130:Real estate
93:Derivatives
2512:Categories
1353:References
1230:volatility
1198:Spain Fund
1111:, and the
1097:Nikkei 225
987:groupthink
803:Regulation
607:Operations
560:Retirement
399:Accounting
283:Derivative
190:Speculator
22:Part of a
2465:(2020β21)
2002:(c. 1865)
1891:1840β1870
1719:(1843) β
1376:CiteSeerX
1144:Taiwanese
865:Recession
826:ISO 31000
509:Tax haven
383:Corporate
298:Insurance
293:Indemnity
199:Locations
88:Commodity
1707:and the
1705:John Law
1568:(2011).
1440:12112860
1265:(French)
1257:See also
1125:aviation
1049:Examples
641:Taxation
531:Personal
484:Taxation
359:Security
313:Mortgage
173:Investor
2459:(2011β)
2453:(2010β)
2447:(2008β)
2441:(2008β)
2390:(2002β)
2324:(1982β)
1672:8561988
1596:Futures
1516:2233855
1481:2006913
1398:1911361
1019:crashes
1013:, 1653.
997:History
893:Outline
697:Banking
661:balance
659: (
391:General
323: (
278:Deposit
98:Domains
50:Markets
32:Finance
2287:(1980)
2100:(1886)
2094:(1884)
2020:(1869)
2014:(1869)
1966:(1861)
1960:(1860)
1948:(1859)
1936:(1858)
1912:(1851)
1670:
1611:
1514:
1479:
1438:
1396:
1378:
1225:loop.
1031:market
805:
657:Budget
581:Public
538:Credit
495:(BEPS)
330:exotic
321:Option
185:Retail
103:Equity
59:Assets
24:series
1668:S2CID
1552:, in
1535:, in
1512:JSTOR
1477:JSTOR
1436:S2CID
1416:(PDF)
1394:JSTOR
1205:]
1117:radio
1009:) by
969:stock
404:Audit
354:Stock
140:Stock
113:Money
1609:ISBN
1095:The
1079:The
1041:(or
1029:and
989:and
730:Loan
667:Debt
542:Debt
325:call
308:Loan
248:Cash
243:Bond
135:Spot
73:Bond
1660:doi
1504:doi
1500:101
1467:doi
1428:doi
1386:doi
1045:).
335:put
2514::
1703:,
1666:.
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1629:.
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1531::
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1372:56
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807:Β·
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265:(
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
