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On The Possibility of Price Decreasing Bubbles

Author: Philippe Weil; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1989.
Series: Working paper series (National Bureau of Economic Research), no. w2821.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
It is often argued that a rational bubble, because it is positive, must increase the price of a stock. This argument is not valid in general: as soon as bubbles affect interest rates, the fundamental value of a stock depends on whether or not a bubble is present. The existence of a rational bubble then might, by raising equilibrium interest rates, depress the fundamental to such an extent that the sum of the  Read more...
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Additional Physical Format: Print version:
Weil, Philippe.
On the possibility of price decreasing bubbles.
Cambridge, MA (1050 Massachusetts Avenue, Cambridge, Mass. 02138) : National Bureau of Economic Research, [1989]
(OCoLC)19490603
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Philippe Weil; National Bureau of Economic Research.
OCLC Number: 756571977
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w2821.
Responsibility: Philippe Weil.

Abstract:

It is often argued that a rational bubble, because it is positive, must increase the price of a stock. This argument is not valid in general: as soon as bubbles affect interest rates, the fundamental value of a stock depends on whether or not a bubble is present. The existence of a rational bubble then might, by raising equilibrium interest rates, depress the fundamental to such an extent that the sum of the positive bubble and decreased fundamental falls short of the fundamental, no-bubble price. Under conditions made precise below, there can therefore be price decreasing bubbles, and an asset can be "undervalued."

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