Stock Prices and Social Dynamics
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The empirical evidence that is widely interpreted as supporting the efficient markets theory in finance actually does not rule out the possibility that changing fashions or fads among investors have an important influence on prices in financial markets. A model of the impact of such fashions on prices is proposed and used in an exploratory data analysis of the aggregate United States Stock Market in the 20th century.
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[2] Marjorie Flavin. Excess Volatility in the Financial Markets: A Reassessment of the Empirical Evidence , 1983, Journal of Political Economy.