• Corpus ID: 55946101

Investor Behavior over the Rise and Fall of Nasdaq

@inproceedings{Griffin2003InvestorBO,
  title={Investor Behavior over the Rise and Fall of Nasdaq},
  author={John M. Griffin and Jeffrey Harris and Selim Topaloglu},
  year={2003}
}
The large theoretical literature about bubbles includes models where naive individuals cause excessive price movements and smart money trades against (and potentially eliminates) a bubble or where sophisticated investors follow market prices and help drive a bubble. We examine these competing views by focusing on investor activity over the spectacular rise and fall of Nasdaq from September 1999 through 2001. We find that both institutional ownership levels and volume on Nasdaq were high… 
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