03597cam a2200385 a 4500 0000021020 20230921134941.0 090914s2010 nyum b a001 0 eng 2009038062 422763710 9780521199674 (hardback) 0521199670 (hardback) (OCoLC)420940046 DLC DLC YDX YDXCP BWX CDX AGL UBY BWK SINLB OCLCQ VP@ KSU UtOrBLW HG4523 .V64 2010 338.5/42 22 Vogel, Harold L., 1946- Financial market bubbles and crashes / Harold L. Vogel. New York : Cambridge University Press, 2010. xxvi, 358 p. : ill ; 25 cm. Includes bibliographical references and index. Part I. Background for analysis -- 1. Introduction -- 2. Bubble stories -- 3. Random walks -- 4. Bubble theories -- 5. Framework for investigation -- Part II. Empirical features and results -- 6. Bubble basics -- 7. Bubble dynamics -- 8. Money and credit features -- 9. Behavioral risk features -- 10. Crashes, panics, and chaos -- 11. Financial asset bubble theory. "Despite the thousands of articles and the millions of times that the word 'bubble' has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study 'bubble' and 'crash' conditions. This book presents a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand. From this basic idea, an elasticity of variance concept is developed. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk premium models in a way that is consistent with conventional theory"--Provided by publisher. "One would think that economists would by now have already developed a solid grip on how financial bubbles form and how to measure and compare them. This is not the case. Despite the thousands of articles in the professional literature and the millions of times that the word "bubble" has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study "bubble" and "crash" conditions. This book presents what is meant to be a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand. From this basic idea, an elasticity of variance concept is developed. The notion that easy credit provides fuel for bubbles is supported. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk premium models in a way that is consistent with conventional theory"--Provided by publisher. Capital market. Financial crises. Commercial crimes. Capital market. sears Financial crises. sears Cover image http://assets.cambridge.org/97805211/99674/cover/9780521199674.jpg 111101 N 20230822095114.0 4463 4463 0 0 0 0 cutlib cutlib 2023-09-21 0 HG 4523 VOG BK0042294 2023-09-21 00:00:00 c.029874 2023-09-21 BK