Differences of Opinion, Rational Arbitrage and Market Crashes
收藏NBER1999-10-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w7376
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资源简介：
We develop a theory of stock-market crashes based on differences of opinion among investors. Because of short-sales constraints, bearish investors do not initially participate in the market and their information is not revealed in prices. However, if other, previously-bullish investors have a change
提供机构：
美国国家经济研究局
创建时间：
1999-10-01
