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Stock Prices and Social Dynamics

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Abstract

The empirical evidence that is widely interpreted as supporting the efficient markets theory in finance actually does not rule out the possibility that changing fashions or fads among investors have an important influence on prices in financial markets. A model of the impact of such fashions on prices is proposed and used in an exploratory data analysis of the aggregate United States Stock Market in the 20th century.

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File URL: http://cowles.econ.yale.edu/P/cd/d07a/d0719-r.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 719R.

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Length: 74 pages
Date of creation: Oct 1984
Date of revision:
Publication status: Published in Brookings Papers on Economic Activity (1984), 2: 457-510
Handle: RePEc:cwl:cwldpp:719r

Note: CFP 616.
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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

Related research

Keywords: Efficient markets; speculative bubbles; fashions; fads;

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