speculative bubbles and/or noise trading behavior. Our empirical findings for the US stock market covering the 1871:1 - 2000 …

A nonstationary dividend yield, having a unit root, is seen as proof of bubbles (Craine 1993). This inference is not … equilibrium dividend yield is a random walk without a deterministic trend or drift, but bubbles are still absent … valid. A sufficient condition for the absence, respectively presence of bubbles is the uniform divergence, respectively …

We analyze a controlled price formation experiment in the laboratory that shows evidence for bubbles. We calibrate two … models that demonstrate with high statistical significance that these laboratory bubbles have a tendency to grow faster than …

Using a laboratory experiment, we investigate whether comovement can emerge between two risky assets, despite their … predictions following a shock to one of the two assets' dividend distributions. As the model predicts, we observe (1) positive …-sectional return predictability from the dividend-price ratio. In line with the rational foundations of the model, the model …

Using a laboratory experiment, we investigate whether contagion can emerge between two risky assets, even when their … assets' dividend distributions. As the model predicts, we observe (1) positive auto correlations in the shocked asset, (2) a … the dividend price ratio. In line with the rational foundation of the model, the model's predictions have stronger support …