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| Author: | Pástor, L. Veronesi, P. |
| Title: | Was there a Nasdaq bubble in the late 1990s? |
| Journal: | Journal of Financial Economics
2006 : JUL, VOL. 81:1, p. 61-100 |
| Index terms: | financial markets stock exchanges uncertainty valuation volatility |
| Language: | eng |
| Abstract: | In this article, the authors claim that the Nasdaq did not necessarily experience a bubble. This argument is based on the fact that a companys fundamental value increases with uncertainty concerning average future profitability, and this uncertainty was unusually high during the period in question. The authors take this uncertainty into account in their valuation model. |
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