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Stock Prices and Social Dynamics
Open accessAbstract
The empirical evidence that is widely interpreted as supporting the efficient markets theory in finance actually does not rule out the possibility that changing fashions or fads among investors have an important influence on prices in financial markets. A model of the impact of such fashions on prices is proposed and used in an exploratory data analysis of the aggregate United States Stock Market in the 20th century.
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Citations
Cited by
FAMA, E. F. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb04636.x · Cited by 5,350
A comprehensive look at the empirical performance of equity premium prediction
Welch, I., & Goyal, A. (2008) · Review of Financial Studies · doi:10.1093/rfs/hhm014 · Cited by 3,987
FAMA, E. F. (1991) · The Journal of Finance · doi:10.2307/2328565 · Cited by 1,271
The Dog That Did Not Bark: A Defense of Return Predictability
Cochrane, J. H. (2008) · Review of Financial Studies · doi:10.1093/rfs/hhm046 · Cited by 1,227
Shiller, R. J. (2017) · American Economic Review · doi:10.1257/aer.107.4.967 · Cited by 1,004
Self-citation
Metadata
- Authors
- Shiller, R. J., Fischer, S., & Friedman, B. M.
- Venue
- Brookings Papers on Economic Activity
- Publisher
- JSTOR
- Published
- 1984
- Volume
- 1984
- Issue
- 2
- Pages
- 457
- ISSN
- 0007-2303 (ISSN-L)
- OpenAlex
- W1975140694
- Cited by
- 1,610
- References
- 0
- FWCI
- 48.28
- Type
- journal article
- Language
- en
- Open access
- green
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- Shiller, R. J., Fischer, S., & Friedman, B. M. (1984). Stock Prices and Social Dynamics. Brookings Papers on Economic Activity. https://doi.org/10.2307/2534436
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
