Sie können Bookmarks mittels Listen verwalten, loggen Sie sich dafür bitte in Ihr SLUB Benutzerkonto ein.
Medientyp:
Bericht;
E-Book
Titel:
On the Possibility of Stock Market Crashes in the Absence of Portfolio Insurance
Beteiligte:
Barlevy, Gadi
[Verfasser:in];
Veronesi, Pietro
[Verfasser:in]
Erschienen:
Evanston, IL: Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science, 1999
Anmerkungen:
Diese Datenquelle enthält auch Bestandsnachweise, die nicht zu einem Volltext führen.
Beschreibung:
stock market crash on hedging strategies by portfolio insurers, which dictated selling stocks as soon as prices fell. The fact that the practice of buying and selling stocks as portfolio insurance has virtually disappeared since then has given many comfort that a replay of the 1987 crash, when prices fell so much so quickly, is unlikely. This note argues with this view by developing a model in which crashes are possible in the absence of portfolio insurance. In our model, a crash is driven by panic selling among rational but uninformed traders.