Negative bubbles : what happens after a crash

Author / Creator

Goetzmann, William N., author

Available as

Online

Summary

We study crashes using data from 101 global stock markets from 1698 to 2015. Extremely large, annual stock market declines are typically followed by positive returns. This is not true for smaller d...

We study crashes using data from 101 global stock markets from 1698 to 2015. Extremely large, annual stock market declines are typically followed by positive returns. This is not true for smaller declines. This pattern does not appear to be driven by financial market disruptions, macroeconomic shocks, political conflicts, or survivorship issues.

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