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Author: Brent Goldfarb Publisher: Stanford University Press ISBN: 1503607933 Category : Business & Economics Languages : en Pages : 284
Book Description
“An interesting take on some factors that facilitate the development and bursting of bubbles in technology industries. . . . Highly recommended.” —Choice Financial market bubbles are recurring, often painful, reminders of the costs and benefits of capitalism. While many books have studied financial manias and crises, most fail to compare times of turmoil with times of stability. In Bubbles and Crashes, Brent Goldfarb and David A. Kirsch give us new insights into the causes of speculative booms and busts. They identify a class of assets—major technological innovations—that can, but does not necessarily, produce bubbles. This methodological twist is essential: Only by comparing similar events that sometimes lead to booms and busts can we ascertain the root causes of bubbles. Using a sample of eighty-eight technologies spanning 150 years, Goldfarb and Kirsch find that four factors play a key role in these episodes: the degree of uncertainty surrounding a particular innovation; the attentive presence of novice investors; the opportunity to directly invest in companies that specialize in the technology; and whether or not a technology is a good protagonist in a narrative. Goldfarb and Kirsch consider the implications of their analysis for technology bubbles that may be in the works today, offer tools for investors to identify whether a bubble is happening, and propose policy measures that may mitigate the risks associated with future speculative episodes.
Author: Brent Goldfarb Publisher: Stanford University Press ISBN: 1503607933 Category : Business & Economics Languages : en Pages : 284
Book Description
“An interesting take on some factors that facilitate the development and bursting of bubbles in technology industries. . . . Highly recommended.” —Choice Financial market bubbles are recurring, often painful, reminders of the costs and benefits of capitalism. While many books have studied financial manias and crises, most fail to compare times of turmoil with times of stability. In Bubbles and Crashes, Brent Goldfarb and David A. Kirsch give us new insights into the causes of speculative booms and busts. They identify a class of assets—major technological innovations—that can, but does not necessarily, produce bubbles. This methodological twist is essential: Only by comparing similar events that sometimes lead to booms and busts can we ascertain the root causes of bubbles. Using a sample of eighty-eight technologies spanning 150 years, Goldfarb and Kirsch find that four factors play a key role in these episodes: the degree of uncertainty surrounding a particular innovation; the attentive presence of novice investors; the opportunity to directly invest in companies that specialize in the technology; and whether or not a technology is a good protagonist in a narrative. Goldfarb and Kirsch consider the implications of their analysis for technology bubbles that may be in the works today, offer tools for investors to identify whether a bubble is happening, and propose policy measures that may mitigate the risks associated with future speculative episodes.
Author: William Quinn Publisher: Cambridge University Press ISBN: 1108369359 Category : Business & Economics Languages : en Pages : 297
Book Description
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
Author: Harold L. Vogel Publisher: Palgrave Macmillan ISBN: 9783030791841 Category : Business & Economics Languages : en Pages : 0
Book Description
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and are defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Author: Markus Konrad Brunnermeier Publisher: Oxford University Press, USA ISBN: 9780198296980 Category : Business & Economics Languages : en Pages : 264
Book Description
The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.
Author: J. Barkley Rosser Publisher: Springer Science & Business Media ISBN: 9780792377702 Category : Business & Economics Languages : en Pages : 330
Book Description
From Catastrophe to Chaos: A General Theory of Economic Discontinuities presents and unusual perspective on economics and economic analysis. Current economic theory largely depends upon assuming that the world is fundamentally continuous. However, an increasing amount of economic research has been done using approaches that allow for discontinuities such as catastrophe theory, chaos theory, synergetics, and fractal geometry. The spread of such approaches across a variety of disciplines of thought has constituted a virtual intellectual revolution in recent years. This book reviews the applications of these approaches in various subdisciplines of economics and draws upon past economic thinkers to develop an integrated view of economics as a whole from the perspective of inherent discontinuity.
Author: Roger Lowenstein Publisher: Penguin ISBN: 0143034677 Category : Business & Economics Languages : en Pages : 289
Book Description
With his singular gift for turning complex financial events into eminently readable stories, Roger Lowenstein lays bare the labyrinthine events of the manic and tumultuous 1990s. In an enthralling narrative, he ties together all of the characters of the dot-com bubble and offers a unique portrait of the culture of the era. Just as John Kenneth Galbraith’s The Great Crash was a defining text of the Great Depression, Lowenstein’s Origins of the Crash is destined to be the book that will frame our understanding of the 1990s.
Author: Garet Garrett Publisher: Ludwig von Mises Institute ISBN: 1610164830 Category : Credit Languages : en Pages : 192
Book Description
"Most of the matter in this book has appeared in the Saturday Evening Post during the last twelve months."--Author's note. June 1, 1932.
Author: Ralph Lyons Publisher: Austin Macauley Publishers ISBN: 1035836130 Category : Business & Economics Languages : en Pages : 376
Book Description
Throughout history, the allure of promising opportunities has often ignited a speculative frenzy, arousing the get-rich-quick syndrome in millions of credulous souls, driving them to the extremes of ambition and greed in their quest for wealth. The symptoms of such behaviour frequently manifest during the build-up to a market crash, when months or even years of gains are wiped out in mere hours. This phenomenon is known as the ‘boom-and-bust scenario’, characterized by an economic bubble followed by a devastating crash. In this book, we delve into a number of remarkable events that have taken place between the seventeenth century and the present day, culminating in enormous financial losses for the general public or even the collapse of entire economies. The Great Crash of 1929 and some of the instances depicted from the 1980s onwards had seismic effects felt on a global scale. Today, despite living in a highly sophisticated world of economic regulation, financial manipulation, and extensive application of fiscal policy, economic bubbles still seem to burgeon from invisible beginnings, grow rapidly out of control, and then fragment into a melee of problems for modern society. While many believe that the random forces of human nature are responsible, spiralling out of control during periods of heady speculation, others share a different view. They argue that large economic bubbles are non-organic, engineered from within the system itself. This book takes a light-hearted journey through the subject matter, considering both the historical events and the intriguing possibility that financial engineering plays a role in the creation and destruction of economic bubbles.
Author: Brent Goldfarb
Author: Brent Goldfarb
Author: William Quinn
Author: Harold L. Vogel
Author: Markus Konrad Brunnermeier
Author: Cullen Roche
Author: J. Barkley Rosser
Author: Roger Lowenstein
Author: Bernice Cohen
Author: Garet Garrett
Author: Ralph Lyons