"A look back at the modern financial markets through the eyes of Bill Bonner Since first publishing Hulbert's Financial Digest in 1979, Bill Bonner has taken an honest look at the challenges facing the U.S. economy. Ultimately, whether or not he was proven right or wrong, he always wrote with...

Crowded trades by similarly trading peers influence the dynamics of asset prices, possibly creating systemic risk. We propose a market clustering measure using granular trading data. For each stock the clustering measure captures the degree of trading overlap among any two investors in that...

Financial crises can happen for a variety of reasons: (a) nobody really understands what is going on (the collective cognition paradigm); (b) some understand better than others and take advantage of their knowledge (the asymmetric information paradigm); (c) everybody understands, but crises are...