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Differences of Opinion, Rational Arbitrage and Market Crashes

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NBER1999-10-01 更新2025-01-04 收录
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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

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1999-10-01
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