Year: 1988
Type: report
Study design: Observational Study
Abstract: In a questionnaire survey we asked Japanese institutional investors to recall what they thought and did during the worldwide stock market crash in October, 1987.The results confirm that the drop in U. S. stock prices was the primary factor on their minds, and other news stories in the United States dominated Japanese news stories.A comparison with an earlier survey of U. 5. institutional investors at the time of the crash (Shiller [1987]) shows a remarkable similarity between Japanese and U. S. institutional investors in a number of attitudinal and behavioral dimensions.The results suggest that events in the United States were the proximate cause of the crash in Japan, but that the tranamiasion mechanism of the crash was very similar in both countries.
DOI: 10.3386/w2684
Authors: Robert Shiller, Fumiko Kon-Ya, Yoshiro Tsutsui
Institutions: Yale University, Nagoya City University
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1968329700