We propose a novel class of models in which the crash hazard rate is determined by a function of a non-local estimation of mispricing. Rooted in behavioral finance, the non-local estimation embodies in particular the characteristic of "anchoring" on past price levels and the "probability...

Advances in telecommunications technologies such as the online voice and video calling, smart phones, and micro messaging service have not only made life easier for millions of users, they also strengthened their social ties and improved their psychological well-being. On the other hand,...