题目要求内容如下:
Investors have always been concerned with asset price bubbles. Many famous historical examples of asset price bubbles exist, e.g. Dutch tulip mania, the 1929 US crash or the more recent asset and housing bubble that preceded the 2007-2009 financial crisis.
Provide an overview of the academic literature on asset price bubbles that aims to answer how to measure/detect asset price bubbles. Moreover, choose a stock index and examine whether one or more bubbles are present using an empirical approach of your liking (ensure that it has been discussed in the essay). Analyse the results of your bubble detection analysis and tie them back to your essay.
The assignment should not exceed 3000 words.
The following overview articles are a good starting point for your essay
Brunnermeier, M.K. & Oehmke, M., 2013. Bubbles, Financial Crises, and Systemic Risk. In Handbook of the Economics of Finance SET. Elsevier B.V., pp. 1221–1288.
Shiller, R.J., 2014. Speculative Asset Prices. Cowles Foundation Discussion Pap
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