资源描述：
《Bubbles Some Perspectives (and Loose Talk)外文》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、Bubbles:SomePerspectives(andLooseTalk)fromHistoryMaureenO’HaraJohnsonGraduateSchoolofManagement,CornellUniversityBubblesareatopicofgreatimportanceandgreatcontroversy.Thispaperdiscussesalter-nativeperspectivesontheeconomicmeaningandoriginofbubbles.Drawingonhistoricalapproaches
2、tobubbles,thisarticlesetsoutataxonomyofapproachesusedtoexplainthenatureofbubbles.Thepaperalsoconsidersissuesconnectedwiththescientificthinkingsurroundingbubbles.(JELG12,B0,E30)WhentheconferenceorganizersaskedmetogiveashortlunchtalkonthetopicDownloadedfromofbubbles,myfirstrespon
3、sewastodecline.Thisreticencestemmednotfromalackofinterestonmypart,butratherfromasinkingfeelingthatanysuchtalkwasdoomedfromthestart.Iknewthecauseofthisforeboding.Severalyearsrfs.oxfordjournals.orgago,IorganizedtheAFAmeetingsandhadtheprivilegeofputtingtogetherwhatturnedouttobet
4、helastProceedingsissue.AmongthepapersIincludedintheissuewasananalysisbyJayRitterandIvoWelchofIPObehavioroverthe1990s.1Shortlyaftertheissueappeared,Iwascopiedonane-mailwrittenatUniversityofNewSouthWalesonAugust15,2011byaveryseniorfinancepersontohisdepartmentalcolleagues.Whileth
5、emeritsofthespecificarticleseemednottobeinquestion,theauthorofthee-mailwasiratethataneditorwouldallowsuchloosetalkandunscientificthinkingtoappearinamajorfinancejournal.Whatwasthisloosetalkandunscientificthinkingthatsooutragedourcolleague?Itwastheuseoftheword“bubble”todescribetheb
6、ehaviorofNasdaqstockpricesoverthisperiod.Howcan“bubble”triggersuchastrongreaction?Certainly,itcaughtmebysurprise,butaquickreviewofsomehistoryintheareasuggeststhatbubbleshavelongplayedto“mixedreviews”intheeconomicsandfinanceliteratures.Thefocusofmytalktodayisonthisissueofbubble
7、s.Myintentistogiveaveryshortreviewofthethinkingonbubblesovertime,andalongthewayIwillalsotakeashortsojourntoconsidertheevolvingnatureofscientificthinkinginthisregard.Mycommentsshouldnotbeviewedasasurveyofcurrentworkonbubbles(formoreformaldiscussionandreview,seeBrunnermeier,2001
8、;2007),butrathermoreofanattempttoprovidesomeperspectiveonhowIwouldli
