We study stock market reactions to the Brexit referendum on 23 June 2016 in order to assess investors' expectations about the effects of leaving the European Union on the UK economy. Our results suggest that initial stock price movements were driven by fears of a cyclical downturn and by the...

Trading at prices above their fundamental values has been referred to as stock market Bubbles. These Bubbles, when Busted, can lead to a market Crash. From experience, it is a well-known fact that Bubbles initially occur in one particular sector and later spread to the aggregate markets, leading...