estimated in two ways. One may test for speculative bubbles, or fads, by testing whether the two estimates are the same. When … the test is applied to some annual U.S. stock market data, the data usually reject the null hypothesis of no bubbles. The …

years. Systemic risk of banks rises already during a bubble’s build-up phase, and even more so during its bust. The increase …We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty … differs strongly across banks and bubble episodes. It depends on bank characteristics (especially bank size) and bubble …

massive bubble in agricultural futures prices at various times in recent years. This paper analyzes the market impact of … financial index investment in recent years did not cause massive bubbles in agricultural futures prices …

explored: bubble expectations and investor confidence. Semiannual time-series indicators of these attitudes are presented for … investors an expectation of a speculative bubble, an unstable situation with expectations for increase in the short run only …, are produced. Four different time-series indicators of whether there is an expectation of a negative speculative bubble …

restrictions implied by asset pricing theory. We treat the functional form of the habit as unknown, and to estimate it along with …, (ii) Lettau and Ludvigson (2001) scaled consumption CAPM model, (iii) an external habit SDF proxy, (iv) the classic CAPM …, and (v) the classic consumption CAPM …