Bertrand, Candelon; Norbert, Metiu - Maastricht : METEOR, Maastricht Research School of … - 2009
This paper investigates exceptional phases of stock market cycles. Defined in Pagan and Sossounov (2003) as unusual, they are detected as outliers in the historical distribution. Moreover, this study completes the growing literature on stock market bulls and bears in several aspects. First,it...