Was there a NASDAQ bubble in the late 1990s?
by Lubos̆ Pástor
"Not necessarily. The fundamental value of a firm increases with uncertainty about average future profitability, and this uncertainty was unusually high in the late 1990s. We calibrate a stock valuation model that includes this uncertainty, and show that the uncertainty needed to match the observed Nasdaq valuations at their peak is high but plausible. The high uncertainty might also explain the unusually high return volatility of Nasdaq stocks in the late 1990s. Uncertainty has the biggest effect on stock prices when the equity premium is low"--National Bureau of Economic Research web site.
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Subjects
Economic conditions, History, NASDAQ (Computer network), Nasdaq Stock Market, Prices, Rate of return, Stocks, UncertaintyPlaces
United StatesTimes
1981-2001, 20th century| Edition | Availability |
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Was there a NASDAQ bubble in the late 1990s?
2004, National Bureau of Economic Research
Electronic resource
in English
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Book Details
Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 1/27/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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History
- Created April 1, 2008
- 5 revisions
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| December 13, 2020 | Edited by MARC Bot | import existing book |
| July 29, 2012 | Edited by VacuumBot | Updated format '[electronic resource] /' to 'Electronic resource' |
| December 12, 2009 | Edited by WorkBot | link works |
| October 31, 2008 | Edited by ImportBot | add URIs from original MARC record |
| April 1, 2008 | Created by an anonymous user | Imported from Scriblio MARC record |