Financial Market Bubbles and Crashes, Second Edition
Features, Causes, and Effects
Authors: Vogel, Harold L
- Provides wide-ranging and thorough explanations of how and why bubbles and crashes have historically evolved and are tied to money, credit, trust, psychology, risk preferences, behavioral finance, and social mood
- Covers the role of central banks and the relationship to commercial lending
- Presents a new descriptive theory and practical empirical approach to the measurement, analysis, and prediction of extreme financial market conditions
- Serves as a handy scholarly reference for further studies via extensive surveys of previous academic research
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- About this book
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Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, and equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and can also be defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
- About the authors
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Harold (Hal) L. Vogel was the senior entertainment industry analyst at Merrill Lynch and inducted into Institutional Investor magazine’s All-America Research Team Hall of Fame in 2011. Holder of a PhD in financial economics, he is also a chartered financial analyst (C.F.A.) and served as an adjunct professor at Columbia University’s Graduate School of Business. His books include Entertainment Industry Economics: A Guide for Financial Analysis (10th edition forthcoming) and Travel Industry Economics: A Guide for Financial Analysis (3rd edition 2016). He currently heads an independent investment and consulting firm in New York City.
- Reviews
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“Financial Market Bubbles and Crashes (2nd Edition) is as comprehensive a book on this subject as one could wish ... and the prose makes for breezy reading … Anyone interested in finance should own it.” (Robert R. Prechter, CEO, Elliot Wave International, USA)
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Bibliographic Information
- Bibliographic Information
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- Book Title
- Financial Market Bubbles and Crashes, Second Edition
- Book Subtitle
- Features, Causes, and Effects
- Authors
-
- Harold L Vogel
- Copyright
- 2018
- Publisher
- Palgrave Macmillan
- Copyright Holder
- The Editor(s) (if applicable) and The Author(s)
- eBook ISBN
- 978-3-319-71528-5
- DOI
- 10.1007/978-3-319-71528-5
- Softcover ISBN
- 978-3-319-71527-8
- Edition Number
- 2
- Number of Pages
- XLIII, 477
- Topics
