Irrational exuberance / Robert J. Shiller.
By: Shiller, Robert J [author.].
Publisher: Princeton, New Jersey : Princeton University Press, 2016Edition: First paperback edition, Revised and expanded third edition.Description: xxxiii, 358 pages : illustrations ; 21 cm.Content type: text Media type: unmediated Carrier type: volumeISBN: 9780691173122.Contained works: Shiller, Robert J. Speculative asset prices.Subject(s): Stocks -- United States | Stock exchanges -- United States | Stocks -- Prices -- United States | Real property -- Prices -- United States | Risk | Dow Jones industrial averageGenre/Form: Print books.| Current location | Call number | Status | Date due | Barcode | Item holds |
|---|---|---|---|---|---|
| On Shelf | HG4910 .S457 2015 (Browse shelf) | Available | AU0000000009331 |
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| HG4910 .G729 2009 Security analysis : principles and technique / | HG4910 .L54 2010 Understanding Wall Street / | HG4910 .S457 2005 Irrational exuberance / | HG4910 .S457 2015 Irrational exuberance / | HG4910 .S458 2012 The age of deleveraging : investment strategies for a decade of slow growth and deflation / | HG4910 .W357 2013 The physics of Wall Street : a brief history of predicting the unpredictable / | HG4928.5 .G65 2009 The battle for Wall Street : behind the Lines in the struggle that pushed an industry into turmoil / |
Originally published: 2015.
Includes bibliographical references (pages 321-338) and index.
Preface to the third edition -- Preface to the second edition, 2005 -- Preface to the first edition, 2000 -- The stock market in historical perspective -- The bond market in historical perspective -- The real estate market in historical perspective -- Precipitating factors: The Internet, the capitalist explosion, and other events -- Amplification mechanisms: Naturally occurring Ponzi processes -- The news media -- New era economic thinking -- New eras and bubbles around the world -- Psychological anchors for the market -- Herd behavior and epidemics -- Efficient markets, random walks, and bubbles -- Investor learning and unlearning -- Speculative volatility in a free society -- Appendix: Nobel Prize lecture: Speculative asset prices.
CNBC, day trading, the Motley Fool, Silicon Investor -- not since the 1920s has there been such an intense fascination with the U.S. stock market. For an increasing number of Americans, logging on to Yahoo! Finance is a habit more precious than that morning cup of joe (as thousands of SBUX and YHOO shareholders know too well). In Irrational Exuberance, economics professor Robert J. Shiller examines this public fascination with stocks and sees a combination of factors that have driven stocks higher, including the rise of the Internet, 401(k) plans, increased coverage by the popular media of financial news, overly optimistic cheerleading by analysts and other pundits, the decline of inflation, and the rise of the mutual fund industry. By history's yardstick, Shiller believes this market is grossly overvalued, and the factors that have conspired to create and amplify this event -- the baby-boom effect, the public infatuation with the Internet, and media interest -- will most certainly abate. He fears that too many individuals and institutions have come to view stocks as their only investment vehicle, and that investors should consider looking beyond stocks as a way to diversify and hedge against the inevitable downturn.