is able to account for the development of endogenous bubbles and crashes. We distinguish three different regimes …’ opinions are idiosyncratic and no bubbles emerge. Around the critical value of the O(n) vector model, cross sectionally … asynchronous bubbles emerge. Above the critical value, small random price fluctuations may be amplified by noise traders herding …

We extend the rational speculative bubbles literature to the frontier emerging stock markets. For this purpose, this … show strong evidence of rational speculative bubbles in the frontier emerging stock markets …

able to explain a number of nontrivial statistical properties of and between international stock markets, including bubbles …

, while rational agents anticipate market crashes after large bubbles and drive prices back close to fundamental value …