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Investor behavior in the october 1987 stock market crash: The case of Japan

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  • Shiller, Robert J.
  • Kon-Ya, Fumiko
  • Tsutsui, Yoshiro

Abstract

In a questionnaire survey we asked Japanese institutional investors to recall what they thought and did during the worldwide stock market crash in October, 1987. The results confirm that the drop in U. S. stock prices was the primary factor on their minds, and other news stories in the United States dominated Japanese news stories. A comparison with an earlier survey of U. 5. institutional investors at the time of the crash (Shiller [1987])shows a remarkable similarity between Japanese and U. S. institutional investors in a number of attitudinal and behavioral dimensions. The results suggest that events in the United States were the proximate cause of the crash in Japan, but that the transmission mechanism of the crash was very similar in both countries.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of the Japanese and International Economies.

Volume (Year): 5 (1991)
Issue (Month): 1 (March)
Pages: 1-13

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Handle: RePEc:eee:jjieco:v:5:y:1991:i:1:p:1-13

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Web page: http://www.elsevier.com/locate/inca/622903

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Cited by:
  1. Yin-Wong Cheung & Menzie D. Chinn, 2000. "Currency Traders and Exchange Rate Dynamics: A Survey of the U.S. Market," CESifo Working Paper Series, CESifo Group Munich 251, CESifo Group Munich.
  2. Daly, Kevin & Vo, Xuan Vinh, 2013. "The determinants of home bias puzzle in equity portfolio investment in Australia," International Review of Financial Analysis, Elsevier, Elsevier, vol. 27(C), pages 34-42.
  3. Shin-ichi Fukuda, 1998. "Extraneous Shocks and International Linkage of Business Cycles in a Two-Country Monetary Model," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo CIRJE-F-16, CIRJE, Faculty of Economics, University of Tokyo.
  4. Sarwar, Ghulam, 2012. "Is VIX an investor fear gauge in BRIC equity markets?," Journal of Multinational Financial Management, Elsevier, Elsevier, vol. 22(3), pages 55-65.
  5. Stelios D. Bekiros, 2013. "Decoupling and the Spillover Effects of the US Financial Crisis: Evidence from the BRIC Markets," Working Paper Series, The Rimini Centre for Economic Analysis 21_13, The Rimini Centre for Economic Analysis.
  6. Mougoue, Mbodja & Whyte, Ann Marie, 1996. "Stock returns and volatility: An empirical investigation of the German and French equity markets," Global Finance Journal, Elsevier, vol. 7(2), pages 253-263.
  7. Siklos, Pierre L. & Bohl, Martin T., 2005. "Trading Behavior During Stock Market Downturns: The Dow, 1915 - 2004," Working Paper Series, European University Viadrina Frankfurt (Oder), The Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe 2005,7, European University Viadrina Frankfurt (Oder), The Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe.
  8. Chan-Lau, Jorge A. & Ivaschenko, Iryna, 2003. "Asian Flu or Wall Street virus? Tech and non-tech spillovers in the United States and Asia," Journal of Multinational Financial Management, Elsevier, Elsevier, vol. 13(4-5), pages 303-322, December.

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