City Research Online

Abstract

We study heterogeneity in bubble experience across individual stocks. Applying the date-stamping technique and using the tech bubble in late 1990s as our laboratory, we find that tech firms vary in whether, when and how long they experience bubbles. In multivariate regressions, we find that bubbles are more likely to happen and they on average last longer in more liquid stocks, in smaller firms, in fast-growing firms and in firms with higher ownership by institutional non-blockholders rather than blockholders.

Publication Type:	Article
Additional Information:	© 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-ncnd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent.
Publisher Keywords:	Stock market, bubble, heterogeneity, tech bubble
Subjects:	H Social Sciences > HG Finance
Departments:	Bayes Business School Bayes Business School > Finance
SWORD Depositor:	Symplectic Administrator

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