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Irrational Exuberance Reconsidered: the Cross Section of Stock Returns by Robert J. Shiller, Robert J. J. Shiller is a nonfiction available to read on EtoBox.

What is Irrational Exuberance Reconsidered: the Cross Section of Stock Returns about?

This first edition of this book was a broad study, drawing on a wide range of published research and historical evidence, of the enormous stock market boom that started around 1982 and picked up incredible speed after 1995. Although it took as its specific starting point this ongoing boom, it placed it in the context of stock market booms generally, and it also made concrete suggestions regarding policy changes that should be initiated in response to this and other such booms. The book argued that the boom represents a speculative bubble, not grounded in sensible economic fundamentals. Part one of the book considered structural factors behind the boom. A list of twelve precipitating factors that appear to be its ultimate causes was given. Amplification mechanisms, naturally-occurring Ponzi processes, that enlarge the effects of these precipitating factors, were described. Part Two discussed cultural factors, the effects of the news media, and of'new era'economic thinking. Part Three discussed psychological factors, psychological anchors for the market and herd behavior. Part Four discussed attempts to rationalize exuberance: efficient markets theory and theories that investors are

Who reads Irrational Exuberance Reconsidered: the Cross Section of Stock Returns?

Author

Robert J. Shiller, Robert J. J. Shiller

Publisher

Princeton University Press

Published

2005

Language

EN

ISBN

9781400824366

Category

nonfiction

Subjects

Business, Economics, Finance

Rating

3.95 / 5 (65 ratings)

Updated

2026-03-14