Michayluk, David; Neuhauser, Karyn L. - In: Journal of Financial Research 29 (2006) 2, pp. 217-234
Unlike the 1987 stock market crash, the 1997 stock market decline was clearly preceded by new information that affected fundamental values of U.S. firms. We provide a detailed description of U.S. stock returns surrounding the Asian financial crisis. Consistent with the overreaction hypothesis,...