| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w8630
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| 来源ID | Working Paper 8630
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| DotCom Mania: The Rise and Fall of Internet Stock Prices |
| Eli Ofek; Matthew Richardson
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| 发表日期 | 2001-12-01
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| 出版年 | 2001
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| 语种 | 英语
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| 摘要 | This paper provides one potential explanation for the rise, persistence and eventual fall of internet stock prices. Specifically, we appeal to a model of heterogenous agents with varying degrees of beliefs about asset payoffs who are subject to short sales constraints. In this framework, it is possible that 'optimistic' investors overwhelm 'pessimistic' ones, leading to prices not reflecting fundamental values about cash flows summarized by aggregate beliefs. Empirical support for this explanation is provided by exploring the behavior of internet stock prices during the period January 1998 to November 2000. In particular, we document four important elements to our story: (i) the high level of internet stock prices given their underlying fundamentals, (ii) responses of stock prices to a shift towards potentially optimistic investors, (iii) empirical results consistent with shorting being at its maximum possible level for internet stocks, and (iv) the eventual fall, or bubble bursting, of internet stocks being tied to the increase in the number of sellers to the market via expiration of lockup agreements. |
| 主题 | Financial Economics
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| URL | https://www.nber.org/papers/w8630
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566236
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推荐引用方式
GB/T 7714 |
Eli Ofek,Matthew Richardson. DotCom Mania: The Rise and Fall of Internet Stock Prices. 2001.
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文件名：
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w8630.pdf
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格式：
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Adobe PDF
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