Speculative Behavior in the Stock Markets: Evidence from the United States and Japan / Robert J. Shiller, Fumiko Kon-Ya, Yoshiro Tsutsui.

Format:

Book

Author/Creator:

Shiller, Robert J.

Contributor:

National Bureau of Economic Research.

Kon-Ya, Fumiko.

Tsutsui, Yoshiro.

Series:

Working Paper Series (National Bureau of Economic Research) no. w3613.

NBER working paper series no. w3613

Language:

English

Subjects (All):

Speculation.

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Speculative Behavior in the Stock Markets

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1991.

Cambridge, Mass. : National Bureau of Economic Research, 1991.

Summary:

There have been enormous differences of opinion between U.S. and Japanese institutional investors about the outlook for stock prices, differences across the two countries in average one-year-ahead forecasts for the Japanese stock market as great as twenty percentage points. In the past two years most Japanese and U.S. institutional investors have had expectations for a reversal of trends in the stock market, and advised an investing strategy that depended on getting out of (or in to) the market before an anticipated market turnaround. These results, obtained from a number of questionnaire surveys in 1989 and 1990, help explain the relative lack of portfolio diversification across countries and show the short-term nature of speculative behavior.

Notes:

Print version record

February 1991.

Includes bibliographical references.