Was there a NASDAQ bubble in the late 1990s?
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Author
Contributions
- Veronesi, Pietro. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2004 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
12,500 words, Guess
Page Count
50 pages
Identifiers
- OCLC Control Number56052290
- Open LibraryOL17621336M
Description
"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.
Subjects
Series Statement
- NBER working paper series -- no. 10581.
- Working paper series (National Bureau of Economic Research) -- working paper no. 10581.
Links
Other Editions
- Was there a NASDAQ bubble in the late 1990s?
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