메뉴 건너뛰기




Volumn 111, Issue 6, 2003, Pages 1183-1219

Overconfidence and speculative bubbles

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC THEORY; MARKET CONDITIONS; PRICE DYNAMICS; TRANSACTION COST;

EID: 0942288976     PISSN: 00223808     EISSN: None     Source Type: Journal    
DOI: 10.1086/378531     Document Type: Article
Times cited : (1406)

References (56)
  • 2
    • 0036789576 scopus 로고    scopus 로고
    • Strategic IPO underpricing, information momentum, and lockup expiration selling
    • October
    • Aggarwal, Rajesh K.; Krigman, Laurie; and Womack, Kent L. "Strategic IPO Underpricing, Information Momentum, and Lockup Expiration Selling." J. Financial Econ. 66 (October 2002): 105-37.
    • (2002) J. Financial Econ. , vol.66 , pp. 105-137
    • Aggarwal, R.K.1    Krigman, L.2    Womack, K.L.3
  • 3
    • 0001261950 scopus 로고
    • Churning bubbles
    • October
    • Allen, Franklin, and Gorton, Gary. "Churning Bubbles." Rev. Econ. Studies 60 (October 1993): 813-36.
    • (1993) Rev. Econ. Studies , vol.60 , pp. 813-836
    • Allen, F.1    Gorton, G.2
  • 4
    • 38949092058 scopus 로고
    • Finite bubbles with short sale constraints and asymmetric information
    • December
    • Allen, Franklin; Morris, Stephen; and Postlewaite, Andrew. "Finite Bubbles with Short Sale Constraints and Asymmetric Information." J. Econ. Theory 61 (December 1993): 206-29.
    • (1993) J. Econ. Theory , vol.61 , pp. 206-229
    • Allen, F.1    Morris, S.2    Postlewaite, A.3
  • 5
    • 0002560333 scopus 로고
    • A progress report on the training of probability assessors
    • edited by Daniel Kahneman, Paul Slovic, and Amos Tversky. Cambridge: Cambridge Univ. Press
    • Alpert, Marc, and Raiffa, Howard. "A Progress Report on the Training of Probability Assessors." In Judgment under Uncertainty: Heuristics and Biases, edited by Daniel Kahneman, Paul Slovic, and Amos Tversky. Cambridge: Cambridge Univ. Press, 1982.
    • (1982) Judgment Under Uncertainty: Heuristics and Biases
    • Alpert, M.1    Raiffa, H.2
  • 6
    • 0002747981 scopus 로고    scopus 로고
    • The internet and the investor
    • Winter
    • Barber, Brad M., and Odean, Terrance. "The Internet and the Investor." J. Econ. Perspectives 15 (Winter 2001): 41-54.
    • (2001) J. Econ. Perspectives , vol.15 , pp. 41-54
    • Barber, B.M.1    Odean, T.2
  • 7
    • 0001852811 scopus 로고
    • Diversification's effect on firm value
    • January
    • Berger, Philip G., and Ofek, Eli. "Diversification's Effect on Firm Value." J. Financial Econ. 37 (January 1995): 39-65.
    • (1995) J. Financial Econ. , vol.37 , pp. 39-65
    • Berger, P.G.1    Ofek, E.2
  • 8
    • 0035617862 scopus 로고    scopus 로고
    • On the evolution of overconfidence and entrepreneurs
    • Fall
    • Bernardo, Antonio E., and Welch, Ivo. "On the Evolution of Overconfidence and Entrepreneurs." J. Econ. and Management Strategy 10 (Fall 2001): 301-30.
    • (2001) J. Econ. and Management Strategy , vol.10 , pp. 301-330
    • Bernardo, A.E.1    Welch, I.2
  • 9
    • 0040021601 scopus 로고    scopus 로고
    • Asset prices and trading volume in a beauty contest
    • April
    • Biais, Bruno, and Bossaerts, Peter. "Asset Prices and Trading Volume in a Beauty Contest." Rev. Econ. Studies 65 (April 1998): 307-40.
    • (1998) Rev. Econ. Studies , vol.65 , pp. 307-340
    • Biais, B.1    Bossaerts, P.2
  • 10
    • 0001866008 scopus 로고
    • Bubbles, rational expectations, and financial markets
    • edited by Paul Wachtel. Lexington, Mass.: Lexington Press
    • Blanchard, Olivier J., and Watson, Mark W. "Bubbles, Rational Expectations, and Financial Markets." In Crises in the Economic and Financial Structure, edited by Paul Wachtel. Lexington, Mass.: Lexington Press, 1982.
    • (1982) Crises in the Economic and Financial Structure
    • Blanchard, O.J.1    Watson, M.W.2
  • 12
    • 0002340332 scopus 로고
    • Individual decision making
    • edited by John H. Kagel and Alvin E. Roth. Princeton, N.J.: Princeton Univ. Press
    • Camerer, Colin. "Individual Decision Making." In The Handbook of Experimental Economics, edited by John H. Kagel and Alvin E. Roth. Princeton, N.J.: Princeton Univ. Press, 1995.
    • (1995) The Handbook of Experimental Economics
    • Camerer, C.1
  • 13
    • 0008162017 scopus 로고
    • The stop-loss start-gain paradox and option valuation: A new decomposition into intrinsic and time value
    • Carr, Peter P., and Jarrow, Robert A. "The Stop-Loss Start-Gain Paradox and Option Valuation: A New Decomposition into Intrinsic and Time Value." Rev. Financial Studies 3, no. 3 (1990): 469-92.
    • (1990) Rev. Financial Studies , vol.3 , Issue.3 , pp. 469-492
    • Carr, P.P.1    Jarrow, R.A.2
  • 14
    • 84877090313 scopus 로고    scopus 로고
    • Breadth of ownership and stock returns
    • November/December
    • Chen, Joseph; Hong, Harrison; and Stein, Jeremy C. "Breadth of Ownership and Stock Returns." J. Financial Econ. 66 (November/December 2002): 171-205.
    • (2002) J. Financial Econ. , vol.66 , pp. 171-205
    • Chen, J.1    Hong, H.2    Stein, J.C.3
  • 17
    • 8744258405 scopus 로고    scopus 로고
    • Investor psychology and security market under- and overreactions
    • December
    • Daniel, Kent; Hirshleifer, David; and Subrahmanyam, Avanidhar. "Investor Psychology and Security Market Under- and Overreactions." J. Finance 53 (December 1998): 1839-85.
    • (1998) J. Finance , vol.53 , pp. 1839-1885
    • Daniel, K.1    Hirshleifer, D.2    Subrahmanyam, A.3
  • 18
    • 0002078678 scopus 로고    scopus 로고
    • The market for borrowing stock
    • November/December
    • D'Avolio, Gene. "The Market for Borrowing Stock." J. Financial Econ. 66 (November/December 2002): 271-306.
    • (2002) J. Financial Econ. , vol.66 , pp. 271-306
    • D'Avolio, G.1
  • 19
    • 0000883258 scopus 로고    scopus 로고
    • Securities lending, shorting, and pricing
    • November/December
    • Duffie, Darrell; Garleanu, Nicolae; and Pedersen, Lasse Heje. "Securities Lending, Shorting, and Pricing." J. Financial Econ. 66 (November/December 2002): 307-39.
    • (2002) J. Financial Econ. , vol.66 , pp. 307-339
    • Duffie, D.1    Garleanu, N.2    Pedersen, L.H.3
  • 20
    • 0000774157 scopus 로고    scopus 로고
    • Stocks are special too: An analysis of the equity lending market
    • November/December
    • Geczy, Christopher C.; Musto, David K; and Reed, Adam V. "Stocks Are Special Too: An Analysis of the Equity Lending Market." J. Financial Econ. 66 (November/December 2002): 241-69.
    • (2002) J. Financial Econ. , vol.66 , pp. 241-269
    • Geczy, C.C.1    Musto, D.K.2    Reed, A.V.3
  • 21
    • 84877149952 scopus 로고    scopus 로고
    • Equilibrium and welfare in markets with financially constrained arbitrageurs
    • November/December
    • Gromb, Dennis, and Vayanos, Dimitri. "Equilibrium and Welfare in Markets with Financially Constrained Arbitrageurs." J. Financial Econ. 66 (November/December 2002): 361-407.
    • (2002) J. Financial Econ. , vol.66 , pp. 361-407
    • Gromb, D.1    Vayanos, D.2
  • 22
    • 21344493808 scopus 로고
    • Differences of opinion make a horse race
    • Harris, Milton, and Raviv, Artur. "Differences of Opinion Make a Horse Race." Rev. Financial Studies 6, no. 3 (1993): 473-506.
    • (1993) Rev. Financial Studies , vol.6 , Issue.3 , pp. 473-506
    • Harris, M.1    Raviv, A.2
  • 23
    • 84959812265 scopus 로고
    • Speculative investor behavior in a stock market with heterogeneous expectations
    • May
    • Harrison, J. Michael, and Kreps, David M. "Speculative Investor Behavior in a Stock Market with Heterogeneous Expectations." Q.J.E. 92 (May 1978): 323-36.
    • (1978) Q.J.E. , vol.92 , pp. 323-336
    • Harrison, J.M.1    Kreps, D.M.2
  • 24
    • 0000398111 scopus 로고    scopus 로고
    • Investor psychology and asset pricing
    • August
    • Hirshleifer, David. "Investor Psychology and Asset Pricing." J. Finance 56 (August 2001): 1533-97.
    • (2001) J. Finance , vol.56 , pp. 1533-1597
    • Hirshleifer, D.1
  • 25
    • 0942280098 scopus 로고    scopus 로고
    • Financial price fluctuations in a stock market model with many interacting agents
    • Istanbul: Istanbul Stock Exchange
    • Horst, Ulrich. "Financial Price Fluctuations in a Stock Market Model with Many Interacting Agents." In ISE Finance Award Series, vol. 2. Istanbul: Istanbul Stock Exchange, 2001.
    • (2001) ISE Finance Award Series , vol.2
    • Horst, U.1
  • 26
    • 84877100059 scopus 로고    scopus 로고
    • Short-sale constraints and stock returns
    • November/December
    • Jones, Charles M., and Lamont, Owen A. "Short-Sale Constraints and Stock Returns." J. Financial Econ. 66 (November/December 2002): 207-39.
    • (2002) J. Financial Econ. , vol.66 , pp. 207-239
    • Jones, C.M.1    Lamont, O.A.2
  • 27
    • 85141101504 scopus 로고
    • Differential interpretation of public signals and trade in speculative markets
    • August
    • Kandel, Eugene, and Pearson, Neil D. "Differential Interpretation of Public Signals and Trade in Speculative Markets." J.P.E. 103 (August 1995): 831-72.
    • (1995) J.P.E. , vol.103 , pp. 831-872
    • Kandel, E.1    Pearson, N.D.2
  • 29
    • 0001962536 scopus 로고
    • A class of solvable stochastic investment problems involving singular controls
    • February
    • Kobila, T. O. "A Class of Solvable Stochastic Investment Problems Involving Singular Controls." Stochastics and Stochastics Reports 43 (February 1993): 29-63.
    • (1993) Stochastics and Stochastics Reports , vol.43 , pp. 29-63
    • Kobila, T.O.1
  • 31
    • 0039647005 scopus 로고    scopus 로고
    • Speculation duopoly with agreement to disagree: Can overconfidence survive the market test?
    • December
    • Kyle, Albert S., and Wang, F. Albert. "Speculation Duopoly with Agreement to Disagree: Can Overconfidence Survive the Market Test?" J. Finance 52 (December 1997): 2073-90.
    • (1997) J. Finance , vol.52 , pp. 2073-2090
    • Kyle, A.S.1    Wang, F.A.2
  • 32
    • 0011366180 scopus 로고    scopus 로고
    • Contagion as a wealth effect
    • August
    • Kyle, Albert S., and Xiong, Wei. "Contagion as a Wealth Effect." J. Finance 56 (August 2001): 1401-40.
    • (2001) J. Finance , vol.56 , pp. 1401-1440
    • Kyle, A.S.1    Xiong, W.2
  • 33
    • 0013020712 scopus 로고    scopus 로고
    • Can the market add and subtract? Mispricing in tech stock carve-outs
    • April
    • Lamont, Owen A., and Thaler, Richard H. "Can the Market Add and Subtract? Mispricing in Tech Stock Carve-outs." J.P.E. 111 (April 2003): 227-68.
    • (2003) J.P.E. , vol.111 , pp. 227-268
    • Lamont, O.A.1    Thaler, R.H.2
  • 34
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification, and firm performance
    • December
    • Lang, Larry H. P., and Stulz, Rene M. "Tobin's q, Corporate Diversification, and Firm Performance." J.P.E. 102 (December 1994): 1248-80.
    • (1994) J.P.E. , vol.102 , pp. 1248-1280
    • Lang, L.H.P.1    Stulz, R.M.2
  • 35
    • 0942291003 scopus 로고    scopus 로고
    • In defense of the boom
    • October 27
    • Lewis, Michael. "In Defense of the Boom." New York Times Mag. (October 27, 2002).
    • (2002) New York Times Mag.
    • Lewis, M.1
  • 36
    • 0002941732 scopus 로고
    • Calibration of probabilities: The state of the art to 1980
    • edited by Daniel Kahneman, Paul Slovic, and Amos Tversky. Cambridge: Cambridge Univ. Press
    • Lichtenstein, Sarah;, Fischhoff, Baruch; and Phillips, Lawrence D. "Calibration of Probabilities: The State of the Art to 1980." In Judgment under Uncertainty: Heuristics and Biases, edited by Daniel Kahneman, Paul Slovic, and Amos Tversky. Cambridge: Cambridge Univ. Press, 1982.
    • (1982) Judgment Under Uncertainty: Heuristics and Biases
    • Lichtenstein, S.1    Fischhoff, B.2    Phillips, L.D.3
  • 38
    • 0001371817 scopus 로고
    • Biased assimilation and attitude polarization: The effects of prior theories on subsequently considered evidence
    • November
    • Lord, Charles G.; Ross, Lee; and Lepper, Mark R. "Biased Assimilation and Attitude Polarization: The Effects of Prior Theories on Subsequently Considered Evidence." J. Personality and Soc. Psychology 37 (November 1979): 2098-2109.
    • (1979) J. Personality and Soc. Psychology , vol.37 , pp. 2098-2109
    • Lord, C.G.1    Ross, L.2    Lepper, M.R.3
  • 40
    • 84916929634 scopus 로고
    • Risk, uncertainty, and divergence of opinion
    • September
    • Miller, Edward M. "Risk, Uncertainty, and Divergence of Opinion." J. Finance 32 (September 1977): 1151-68.
    • (1977) J. Finance , vol.32 , pp. 1151-1168
    • Miller, E.M.1
  • 41
    • 0007888467 scopus 로고    scopus 로고
    • Limited arbitrage in equity markets
    • April
    • Mitchell, Mark; Pulvino, Todd; and Stafford, Erik. "Limited Arbitrage in Equity Markets." J. Finance 57 (April 2002): 551-84.
    • (2002) J. Finance , vol.57 , pp. 551-584
    • Mitchell, M.1    Pulvino, T.2    Stafford, E.3
  • 42
    • 0037761333 scopus 로고    scopus 로고
    • Speculative investor behavior and learning
    • November
    • Morris, Stephen. "Speculative Investor Behavior and Learning." Q.J.E. 111 (November 1996): 1111-33.
    • (1996) Q.J.E. , vol.111 , pp. 1111-1133
    • Morris, S.1
  • 43
    • 0346907827 scopus 로고    scopus 로고
    • Volume, volatility, price, and profit when all traders are above average
    • December
    • Odean, Terrance. "Volume, Volatility, Price, and Profit When All Traders Are Above Average." J. Finance 53 (December 1998): 1887-1934.
    • (1998) J. Finance , vol.53 , pp. 1887-1934
    • Odean, T.1
  • 44
    • 0142188086 scopus 로고    scopus 로고
    • DotCom mania: The rise and fall of internet stock prices
    • June
    • Ofek, Eli, and Richardson, Matthew. "DotCom Mania: The Rise and Fall of Internet Stock Prices." J. Finance 58 (June 2003): 1113-37.
    • (2003) J. Finance , vol.58 , pp. 1113-1137
    • Ofek, E.1    Richardson, M.2
  • 45
    • 0002860329 scopus 로고    scopus 로고
    • Analyst following of initial public offerings
    • June
    • Rajan, Raghuram, and Servaes, Henri. "Analyst Following of Initial Public Offerings." J. Finance 52 (June 1997): 507-29.
    • (1997) J. Finance , vol.52 , pp. 507-529
    • Rajan, R.1    Servaes, H.2
  • 49
    • 0002190490 scopus 로고    scopus 로고
    • Rational asset pricing bubbles
    • January
    • Santos, Manuel S., and Woodford, Michael. "Rational Asset Pricing Bubbles." Econometrica 65 (January 1997): 19-57.
    • (1997) Econometrica , vol.65 , pp. 19-57
    • Santos, M.S.1    Woodford, M.2
  • 50
    • 0038754927 scopus 로고    scopus 로고
    • Optimal environmental management in the presence of irreversibilities
    • January-February
    • Scheinkman, José A., and Zariphopoulou, Thaleia. "Optimal Environmental Management in the Presence of Irreversibilities." J. Econ. Theory 96 (January-February 2001): 180-207.
    • (2001) J. Econ. Theory , vol.96 , pp. 180-207
    • Scheinkman, J.A.1    Zariphopoulou, T.2
  • 51
    • 0039246532 scopus 로고    scopus 로고
    • Pricing an emerging industry: Evidence from internet subsidiary carve-outs
    • Autumn
    • Schill, Michael J., and Zhou, Chunsheng. "Pricing an Emerging Industry: Evidence from Internet Subsidiary Carve-outs." Financial Management 30 (Autumn 2001): 5-33.
    • (2001) Financial Management , vol.30 , pp. 5-33
    • Schill, M.J.1    Zhou, C.2
  • 52
    • 0004179594 scopus 로고    scopus 로고
    • Princeton, N.J.: Princeton Univ. Press
    • Shiller, Robert J. Irrational Exuberance. Princeton, N.J.: Princeton Univ. Press, 2000.
    • (2000) Irrational Exuberance
    • Shiller, R.J.1
  • 53
    • 0002307601 scopus 로고    scopus 로고
    • The limits of arbitrage
    • March
    • Shleifer, Andrei, and Vishny, Robert W. "The Limits of Arbitrage." J. Finance 52 (March 1997): 35-55.
    • (1997) J. Finance , vol.52 , pp. 35-55
    • Shleifer, A.1    Vishny, R.W.2
  • 54
    • 0001629593 scopus 로고
    • A proposal for international monetary reform
    • July/October
    • Tobin, James. "A Proposal for International Monetary Reform." Eastern Econ. J. 4 (July/October 1978): 153-59.
    • (1978) Eastern Econ. J. , vol.4 , pp. 153-159
    • Tobin, J.1
  • 55
    • 0032354194 scopus 로고    scopus 로고
    • Transaction costs and asset prices: A dynamic equilibrium model
    • Spring
    • Vayanos, Dimitri. "Transaction Costs and Asset Prices: A Dynamic Equilibrium Model." Rev. Financial Studies 11 (Spring 1998): 1-58.
    • (1998) Rev. Financial Studies , vol.11 , pp. 1-58
    • Vayanos, D.1
  • 56
    • 0035511177 scopus 로고    scopus 로고
    • Convergence trading with wealth effects: An amplification mechanism in financial markets
    • November
    • Xiong, Wei. "Convergence Trading with Wealth Effects: An Amplification Mechanism in Financial Markets." J. Financial Econ. 62 (November 2001): 247-92.
    • (2001) J. Financial Econ. , vol.62 , pp. 247-292
    • Xiong, W.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.