A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation to some system of stock valuation.
Behavioral finance theory attributes stock market bubbles to cognitive biases that lead to groupthink and herd behavior. Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets. In the laboratory, uncertainty is eliminated and calculating the expected returns should be a simple mathematical exercise, because participants are endowed with assets that are defined to have a finite lifespan and a known probability distribution of dividends .
Other theoretical explanations of stock market bubbles have suggested that they are rational, intrinsic, and contagious.
Historically, early stock market bubbles and crashes have their roots in financial activities of the 17th-century Dutch Republic, the birthplace of the first formal (official) stock exchange and market in history. The Dutch tulip mania, of the 1630s, is generally considered the world's first recorded speculative bubble (or economic bubble).
Two famous early stock market bubbles were the Mississippi Scheme in France and the South Sea bubble in England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in Charles Mackay's 1841 popular account, "Extraordinary Popular Delusions and the Madness of Crowds".
The two most famous bubbles of the twentieth century, the bubble in American stocks in the 1920s just before the Wall Street Crash of 1929 and the following Great Depression, and the Dot-com bubble of the late 1990s, were based on speculative activity surrounding the development of new technologies. The 1920s saw the widespread introduction of a range of technological innovations including radio, automobiles, aviation and the deployment of electrical power grids. The 1990s was the decade when Internet and e-commerce technologies emerged.
Cette page est générée automatiquement et peut contenir des informations qui ne sont pas correctes, complètes, à jour ou pertinentes par rapport à votre recherche. Il en va de même pour toutes les autres pages de ce site. Veillez à vérifier les informations auprès des sources officielles de l'EPFL.
Une bulle économique (aussi appelée bulle de prix, bulle financière, ou encore bulle spéculative) est une situation où le niveau des prix d'un bien est anormalement élevé par rapport à sa valeur fondamentale, c'est-à-dire par rapport aux profits que le bien générera à l'avenir. Il existe ainsi, ex post, une décorrélation entre la valeur réelle du bien et le prix qui lui est assigné. Cette situation peut avoir lieu sur n'importe quel marché, qu'il s'agisse des marchés financiers (où s'échangent actions, obligations, devises), du marché immobilier ou encore du marché des matières premières.
thumb|Cours de plusieurs bourses européennes en 2020 subissant le krach de mars 2020 avant une remontée progressive. Un krach est une baisse brutale des prix d'une classe d'actifs, comme un marché financier à la suite d'un afflux massif d'ordres de vente. Un krach intervient parfois après l'éclatement d'une bulle spéculative, comme le krach boursier de 2001-2002 après celui de la bulle Internet. L'histoire des bourses de valeurs est jalonnée de krachs.
Extraordinary Popular Delusions and the Madness of Crowds is an early study of crowd psychology by Scottish journalist Charles Mackay, first published in 1841 under the title Memoirs of Extraordinary Popular Delusions. The book was published in three volumes: "National Delusions", "Peculiar Follies", and "Philosophical Delusions". Mackay was an accomplished teller of stories, though he wrote in a journalistic and somewhat sensational style.
This class is designed to give you an understanding of the basics of empirical asset pricing. This means that we will learn how to test asset pricing models and apply them mostly to stock markets. We
This course provides students with a working knowledge of macroeconomic models that explicitly incorporate financial markets. The goal is to develop a broad and analytical framework for analyzing the
The aim of this course is to expose EPFL bachelor students to some of the main areas in financial economics. The course will be organized around six themes. Students will obtain both practical insight
The COVID-19 pandemic has demonstrated the importance and value of multi-period asset allocation strategies responding to rapid changes in market behavior. In this article, we formulate and solve a multi-stage stochastic optimization problem, choosing the ...
Cavitation is a topic that has long been of interest due to the large and growing range of applications associated with it. This is mainly because the collapse of cavitation bubbles releases a considerable amount of energy into the surrounding environment. ...
This thesis consists of three applications of machine learning techniques to risk management. The first chapter proposes a deep learning approach to estimate physical forward default intensities of companies. Default probabilities are computed using artifi ...
Explore la caractéristique universelle de la formation de prix intrajournalière en utilisant des techniques d'apprentissage en profondeur pour prévoir les changements de prix en fonction de l'historique des flux d'ordres.
Plonge dans les concepts d'équité, de scission et de finance comportementale, avec des études de cas pratiques sur les stratégies d'introduction en bourse et la dynamique du marché.