| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1990 |
| 来源ID | Working Paper 1990 |
| On the Inception of Rational Bubbles in Stock Prices | |
| Behzad T. Diba; Herschel I. Grossman | |
| 发表日期 | 1986-07-01 |
| 出版年 | 1986 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the theoretical possibility of rational bubbles in stock prices in a model in which stockholders have infinite planning horizons and in which free disposal of equity rules out the existence of negative rational bubbles. The analysis shows that in this framework if a positive rational bubble exists, then it started on the first date of trading of the stock. Thus, the existence of a rational bubble at any date would imply that the stock has been overvalued relative to market fundamentals since the first date of trading and that prior to the first date of trading potential stockholders who anticipated the initial pricing of the stock expected that the stock would be overvalued relative to market fundamentals. The analysis also shows that any rational bubble will eventually burst and will not restart. Thus, even if a positive rational bubble exists, stockholders know that after a random, but almost surely finite, date the stock price will conform to market fundamentals forever. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w1990 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559241 |
| 推荐引用方式 GB/T 7714 | Behzad T. Diba,Herschel I. Grossman. On the Inception of Rational Bubbles in Stock Prices. 1986. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1990.pdf（166KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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