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dc.contributor.authorKedar-Levy, Haimen_US
dc.date.accessioned2012-03-15T14:03:43Z-
dc.date.available2012-03-15T14:03:43Z-
dc.date.issued2007en_US
dc.identifier.citationJournal of Entrepreneurial Finance, JEF 1551-9570 12 2007 1 83-106en_US
dc.identifier.urihttp://hdl.handle.net/10419/55929-
dc.description.abstractThis paper presents an equity market where the value of a new technology is infrequently observable while the equity claim of the asset is continuously traded. We clear the stock market between two optimal asset allocation strategies, speculative vs. fundamental, adopted by risk-averse investors who differ in their risk-aversion. The stock price path maintains a potential for endogenous bubbles or under-pricing vs. the asset as a function of total funds invested in the stock by each investor type. Bubbles grow exponentially if speculation dominates but if the fundamental strategy dominates, the stock's growth rate and its volatility will decline.en_US
dc.language.isoengen_US
dc.publisherMontrose, California Academy of Entrepreneurial Finance - AEFen_US
dc.subject.ddc330en_US
dc.titleWhy would financial bubbles evolve after new technologies?en_US
dc.typeArticleen_US
dc.identifier.ppn663206847en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:The Journal of Entrepreneurial Finance (JEF)

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