Investor Behavior in the October 1987 Stock Market Crash: The Case of Japan

Robert Shiller, Fumiko Kon-Ya and Yoshiro Tsutsui ()

No 2684, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In a questionnaire survey we asked Japanese institutional investors to recall what they thought and did during the worldwide stock market crash in October, 1987. The results confirm that the drop in U. S. stock prices was the primary factor on their minds, and other news stories in the United States dominated Japanese news stories. A comparison with an earlier survey of U. 5. institutional investors at the time of the crash (Shiller [1987])shows a remarkable similarity between Japanese and U. S. institutional investors in a number of attitudinal and behavioral dimensions. The results suggest that events in the United States were the proximate cause of the crash in Japan, but that the transmission mechanism of the crash was very similar in both countries.

Date: 1988-08
Note: ME
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published as Journal of Japanese and International Economics, 5:1-13, 1991
Published as Shiller, Robert J. & Kon-Ya, Fumiko & Tsutsui, Yoshiro, 1991. "Investor behavior in the october 1987 stock market crash: The case of Japan," Journal of the Japanese and International Economies, Elsevier, vol. 5(1), pages 1-13, March.

Downloads: (external link)
http://www.nber.org/papers/w2684.pdf (application/pdf)

Related works:
Journal Article: Investor behavior in the october 1987 stock market crash: The case of Japan (1991)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:2684

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w2684

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().