| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4204 |
| DP4204 Which Countries Export FDI, and How Much? | |
| Assaf Razin; Efraim Sadka; Yona Rubinstein | |
| 发表日期 | 2004-01-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The efficient markets hypothesis implies that, in the presence of rational investors, bubbles cannot develop. We analyse the trading behaviour of a sophisticated investor, a London goldsmith bank, during the South Sea bubble in 1720. The bank believed the stock to be overvalued, yet found it profitable not to attack the bubble. Detailed examination of daily transactions in the London stock market shows that ?riding the bubble? was a highly profitable strategy. These findings lend support to recent theoretical work arguing that predictable investor sentiment may prevent rational investors from attacking a bubble. |
| 主题 | International Macroeconomics |
| 关键词 | Speculation Bubbles Investor sentiment South sea company |
| URL | https://cepr.org/publications/dp4204 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533172 |
| 推荐引用方式 GB/T 7714 | Assaf Razin,Efraim Sadka,Yona Rubinstein. DP4204 Which Countries Export FDI, and How Much?. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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