TY  - BOOK
AU  - Vogel, Harold L
TI  - Financial market: bubbles and crashes
SN  - 9780521263306
U1  - 338.542 
PY  - 2010///
CY  - New Delhi
PB  - Cambridge University Press
KW  - Financial crises
KW  - Capital market
KW  - Commercial crimes
KW  - Macroeconomics
KW  - Econometrics
N2  - Description

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
ER  -