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Bubble Investors: What Were They Thinking?

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Author Info
WILLIAM N. GOETZMANN () (Yale School of Management - International Center for Finance; National Bureau of Economic Research (NBER))
Ravi Dhar () (International Center for Finance at Yale School of Management)

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Abstract

We surveyed a large sample of investors who bought stock in a telecommunications company at least once in the 1999-2000 period. We solicited their views on the efficiency of the stock market, and the basis for their personal trading decisions. A significant fraction appear to hold beliefs inconsistent with various implications of the efficient market hypothesis. Their motives for trade are based upon a belief in the value of fundamental research and a belief in the importance of past price trends. These investors on average believe that markets over-react to news announcements. Many admitted to buying stocks they believed at the time to be over-valued, but claimed to have done so on the anticipation that the share prices would continue to rise.

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Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm446.

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Date of creation: 13 Apr 2005
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Handle: RePEc:ysm:somwrk:ysm446

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  1. John Conlon, 2005. "Should Central Banks Burst Bubbles?," Game Theory and Information 0508007, EconWPA. [Downloadable!]
  2. John R. Conlon, 2008. "Should Central Banks Burst Bubbles? Some Microeconomic Issues," Levine's Working Paper Archive 122247000000002330, David K. Levine. [Downloadable!]
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