Market Crashes without External Shocks

Sergiu Hart and Yair Tauman (amty21@gmail.com)
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Sergiu Hart: Hebrew University of Jerusalem

The Journal of Business, 2004, vol. 77, issue 1, 1-8

Abstract: It is shown that market crashes and bubbles can arise without external shocks. Sudden changes in behavior coming after a long period of stationarity may be the result of endogenous information processing. Except for the daily observation of the market, there is no new information, no communication, and no coordination among the participants.

Date: 2004
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Working Paper: Market Crashes Without External Shocks (1997)
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