Bordo, Michael D. (contributor); Dueker, Michael (contributor) - 2008
that could be
characterized as normal.
Our research has some similarities with studies of bull and bear stock markets … Timmermann (2004), and other
studies of bull and bear markets that assume that the market is always in one or the other
state ….
7
Other recent studies of the characteristics of bull and bear markets include Maheu and McCurdy (2000)
and Pagan and …