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ideas.repec.org - 10/9/2008
Investor Behavior in the October 1987 Stock Market Crash: Survey Evidence
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John Y. Campbell & Robert J. Shiller, 1988. " Cointegration and Tests of Present Value Models ," NBER Working Papers 1885, National Bureau of Economic Research, Inc. [Downloadable!] (restricted) John Y. Campbell & Robert J. Shiller, 1986. " Cointegration and Tests of Present Value Models ," ...

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Paul Krugman:  What happened today?

Bubble Meter:  Human lemmings

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What happened today?
Paul Krugman — Tough to write a column — I mean, nothing much going on in the financial world … Seriously, I’m sure we’ll be hearing all kinds of explanations of today’s drop — it’s Paulson saying that he’ll inject equity, or Obama’s rise in the polls (yes, seriously, that’s the right-wing line), or some obscure ruling by some government agency. But you want to remember Robert Shiller’s classic real-time study of the 1987 crash. Basically, the crash had nothing to do with any news item. Investors sold because — drum roll! — prices were falling. On a separate note, one good thing is that ...

Human lemmings
Bubble Meter — ... I’m sure we’ll be hearing all kinds of explanations of today’s drop... But you want to remember Robert Shiller’s classic real-time study of the 1987 crash. Basically, the crash had nothing to do with any news item. Investors sold because — drum roll! — prices were falling. ...

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