and Porter (1981) and Shiller (1981a). It appears that neither small sample bias, rational bubbles nor some standard …

financial index investment in recent years did not cause massive bubbles in agricultural futures prices … financial index investment in agricultural futures markets using non-public data from the Large Trader Reporting System (LTRS …

This paper reports empirical tests for the existence of rational bubbles in stock prices. The analysis focuses on a … extraneous variables. The tests are based on the theoretical result that, if rational bubbles exist, time series obtained by …. Applications of the time domain tests to simulated nonstationary time series that would be implied by rational bubbles indicates …

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 …

haveinfinite planning horizons and in which free disposal of equityrules out the existence of negative rational bubbles …

with a low effective cost of capital based on optimism about the future availability of funds for investment. The key to …. The latter is more likely if bubbles develop along the expansionary path. These (rational) bubbles can emerge even when …

for investment. The key to the sustainability of such equilibrium is feedback from increased growth to an increase in the … bubble. In contrast to classic bubbles on non-productive assets, the bubbles in our model encourage real investments, boost …

stock market bubble by issuing new equity. The bubble reduces the user-cost of capital and increase real investment. Using … real investment …

international allocation of investment and reducing rate-of-return differentials across countries. This view of asset price bubbles …This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that … bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles …