| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4054 |
| 来源ID | Working Paper 4054 |
| \"Excess Volatility\" and the German Stock Market, 1876-1990 | |
| J. Bradford De Long; Marco Becht | |
| 发表日期 | 1992-04-01 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | This paper uses long-run real price and dividends series to investigate for the German stock market the questions asked of the U.S. market by Shiller (1989). It tries to determine in what periods and to what degree the German stock market has also possessed excess volatility' in the past century. It finds no evidence of excess volatility in the pre-World War I German stock market. By contrast, there is some evidence of excess volatility in the post-World War II German stock market. The role played by the German Grosbanken in the pre-World War I stock market might be the cause of low comparative volatility of German stock indices before 1914. |
| 主题 | History ; Financial History |
| URL | https://www.nber.org/papers/w4054 |
| 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/561397 |
| 推荐引用方式 GB/T 7714 | J. Bradford De Long,Marco Becht. \"Excess Volatility\" and the German Stock Market, 1876-1990. 1992. |
| 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 | ||
| w4054.pdf（2310KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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