Why Stock Markets Crash : : Critical Events in Complex Financial Systems / / Didier Sornette.
The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of mater...
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Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2009] ©2003 |
Year of Publication: | 2009 |
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Language: | English |
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Physical Description: | 1 online resource (448 p.) |
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Sornette, Didier, author. aut http://id.loc.gov/vocabulary/relators/aut Why Stock Markets Crash : Critical Events in Complex Financial Systems / Didier Sornette. Course Book Princeton, NJ : Princeton University Press, [2009] ©2003 1 online resource (448 p.) text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontmatter -- Contents -- Preface -- Chapter 1. financial crashes: what, how, why, and when? -- Chapter 2. fundamentals of financial markets -- Chapter 3. financial crashes are "outliers" -- Chapter 4. positive feedbacks -- Chapter 5. modeling financial bubbles and market crashes -- Chapter 6. hierarchies, complex fractal dimensions, and log-periodicity -- Chapter 7. autopsy of major crashes: universal exponents and log-periodicity -- Chapter 8. bubbles, crises, and crashes in emergent markets -- Chapter 9. prediction of bubbles, crashes, and antibubbles -- Chapter 10. 2050: the end of the growth era? restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of materials. In this book, Didier Sornette boldly applies his varied experience in these areas to propose a simple, powerful, and general theory of how, why, and when stock markets crash. Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. Sornette proposes a radically different view: the underlying cause can be sought months and even years before the abrupt, catastrophic event in the build-up of cooperative speculation, which often translates into an accelerating rise of the market price, otherwise known as a "bubble." Anchoring his sophisticated, step-by-step analysis in leading-edge physical and statistical modeling techniques, he unearths remarkable insights and some predictions--among them, that the "end of the growth era" will occur around 2050. Sornette probes major historical precedents, from the decades-long "tulip mania" in the Netherlands that wilted suddenly in 1637 to the South Sea Bubble that ended with the first huge market crash in England in 1720, to the Great Crash of October 1929 and Black Monday in 1987, to cite just a few. He concludes that most explanations other than cooperative self-organization fail to account for the subtle bubbles by which the markets lay the groundwork for catastrophe. Any investor or investment professional who seeks a genuine understanding of looming financial disasters should read this book. Physicists, geologists, biologists, economists, and others will welcome Why Stock Markets Crash as a highly original "scientific tale," as Sornette aptly puts it, of the exciting and sometimes fearsome--but no longer quite so unfathomable--world of stock markets.Some images inside the book are unavailable due to digital copyright restrictions. Issued also in print. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) Critical phenomena (Physics). Financial crises Forecasting. Financial crises History. Financial crises Mathematical models. Stock exchanges. BUSINESS & ECONOMICS / Economics / Theory. bisacsh Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 9783110442502 print 9780691118505 https://doi.org/10.1515/9781400829552 https://www.degruyter.com/isbn/9781400829552 Cover https://www.degruyter.com/cover/covers/9781400829552.jpg |
language |
English |
format |
eBook |
author |
Sornette, Didier, Sornette, Didier, |
spellingShingle |
Sornette, Didier, Sornette, Didier, Why Stock Markets Crash : Critical Events in Complex Financial Systems / Frontmatter -- Contents -- Preface -- Chapter 1. financial crashes: what, how, why, and when? -- Chapter 2. fundamentals of financial markets -- Chapter 3. financial crashes are "outliers" -- Chapter 4. positive feedbacks -- Chapter 5. modeling financial bubbles and market crashes -- Chapter 6. hierarchies, complex fractal dimensions, and log-periodicity -- Chapter 7. autopsy of major crashes: universal exponents and log-periodicity -- Chapter 8. bubbles, crises, and crashes in emergent markets -- Chapter 9. prediction of bubbles, crashes, and antibubbles -- Chapter 10. 2050: the end of the growth era? |
author_facet |
Sornette, Didier, Sornette, Didier, |
author_variant |
d s ds d s ds |
author_role |
VerfasserIn VerfasserIn |
author_sort |
Sornette, Didier, |
title |
Why Stock Markets Crash : Critical Events in Complex Financial Systems / |
title_sub |
Critical Events in Complex Financial Systems / |
title_full |
Why Stock Markets Crash : Critical Events in Complex Financial Systems / Didier Sornette. |
title_fullStr |
Why Stock Markets Crash : Critical Events in Complex Financial Systems / Didier Sornette. |
title_full_unstemmed |
Why Stock Markets Crash : Critical Events in Complex Financial Systems / Didier Sornette. |
title_auth |
Why Stock Markets Crash : Critical Events in Complex Financial Systems / |
title_alt |
Frontmatter -- Contents -- Preface -- Chapter 1. financial crashes: what, how, why, and when? -- Chapter 2. fundamentals of financial markets -- Chapter 3. financial crashes are "outliers" -- Chapter 4. positive feedbacks -- Chapter 5. modeling financial bubbles and market crashes -- Chapter 6. hierarchies, complex fractal dimensions, and log-periodicity -- Chapter 7. autopsy of major crashes: universal exponents and log-periodicity -- Chapter 8. bubbles, crises, and crashes in emergent markets -- Chapter 9. prediction of bubbles, crashes, and antibubbles -- Chapter 10. 2050: the end of the growth era? |
title_new |
Why Stock Markets Crash : |
title_sort |
why stock markets crash : critical events in complex financial systems / |
publisher |
Princeton University Press, |
publishDate |
2009 |
physical |
1 online resource (448 p.) Issued also in print. |
edition |
Course Book |
contents |
Frontmatter -- Contents -- Preface -- Chapter 1. financial crashes: what, how, why, and when? -- Chapter 2. fundamentals of financial markets -- Chapter 3. financial crashes are "outliers" -- Chapter 4. positive feedbacks -- Chapter 5. modeling financial bubbles and market crashes -- Chapter 6. hierarchies, complex fractal dimensions, and log-periodicity -- Chapter 7. autopsy of major crashes: universal exponents and log-periodicity -- Chapter 8. bubbles, crises, and crashes in emergent markets -- Chapter 9. prediction of bubbles, crashes, and antibubbles -- Chapter 10. 2050: the end of the growth era? |
isbn |
9781400829552 9783110442502 9780691118505 |
callnumber-first |
H - Social Science |
callnumber-subject |
HB - Economic Theory and Demography |
callnumber-label |
HB3722 |
callnumber-sort |
HB 43722 |
url |
https://doi.org/10.1515/9781400829552 https://www.degruyter.com/isbn/9781400829552 https://www.degruyter.com/cover/covers/9781400829552.jpg |
illustrated |
Not Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
332 - Financial economics |
dewey-full |
332.642 |
dewey-sort |
3332.642 |
dewey-raw |
332.642 |
dewey-search |
332.642 |
doi_str_mv |
10.1515/9781400829552 |
oclc_num |
979592693 |
work_keys_str_mv |
AT sornettedidier whystockmarketscrashcriticaleventsincomplexfinancialsystems |
status_str |
n |
ids_txt_mv |
(DE-B1597)446298 (OCoLC)979592693 |
carrierType_str_mv |
cr |
hierarchy_parent_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
is_hierarchy_title |
Why Stock Markets Crash : Critical Events in Complex Financial Systems / |
container_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
_version_ |
1770176643773497344 |
fullrecord |
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Sornette probes major historical precedents, from the decades-long "tulip mania" in the Netherlands that wilted suddenly in 1637 to the South Sea Bubble that ended with the first huge market crash in England in 1720, to the Great Crash of October 1929 and Black Monday in 1987, to cite just a few. He concludes that most explanations other than cooperative self-organization fail to account for the subtle bubbles by which the markets lay the groundwork for catastrophe. Any investor or investment professional who seeks a genuine understanding of looming financial disasters should read this book. 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