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Books > History > History of specific subjects > Economic history
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Why the Bubble Burst - US Stock Market Performance since 1982 (Hardcover, illustrated edition)
Loot Price: R3,403
Discovery Miles 34 030
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Why the Bubble Burst - US Stock Market Performance since 1982 (Hardcover, illustrated edition)
Series: New Directions in Modern Economics series
Expected to ship within 12 - 17 working days
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Why the Bubble Burst provides a comprehensive look at the most
dramatic run-up in equity values in US history. Lawrance Evans
takes the reader from theory to empirics, illustrating why we need
to go beyond the efficient markets hypothesis and the theory of
domestic irrational exuberance to fully unpack the unprecedented
phenomenon, why the market was destined for a major decline and why
the fallout will be severe and protracted. Quantitative evidence
suggests that mutual funds, international portfolio flows, and the
decline in the amount of corporate equity outstanding all played an
integral role in the stock market boom. These ingredients in the
context of a supply and demand based theory of equity price
determination indicate that supply and demand forces unrelated to
corporate profitability elevated US equity valuations to
unsustainable levels. The author's conclusions carry implications
for economic theory and policy, retirement security and stock
market investments in general. Economists, finance professionals
and policymakers will find this volume a unique investigation into
the stock market boom and bust.
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