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File name: SSRN-id224145. ; Size: 265K
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The Nasdaq Crash of April 2000: Yet Another Example of Log-Periodicity in a Speculative Bubble Ending in a Crash
Anders Johansen
Riso National Laboratory - Wind Energy Department; University of Copenhagen, Niels Bohr. Inst.; University of California, Los Angeles (UCLA) - Institute of Geophysics and Planetary Physics
Didier Sornette
Swiss Finance Institute; ETH Zurich
Abstract:
The Nasdaq fell another (approximately) 10% on Friday the 14th of April 2000 signaling the end of a remarkable speculative high-tech bubble starting in spring 1997. The closing of the Nasdaq at 3321 corresponds to a total loss of over 35% since its all-time high of 5133 on the 10th of March 2000. Similarities to the speculative bubble preceding the infamous crash of October 1929 are quite striking: The belief in what was coined a "New Economy" both in 1929 and presently made share-prices of companies with three digits price-earning ratios soar. Furthermore, these two speculative bubbles, as well as others, both nicely fit into the quantitative frame-work proposed by the authors in a series of recent papers.
Number of Pages in PDF File: 10
JEL Classification: C44
working papers series
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Date posted: June 9, 2000
Suggested CitationJohansen, Anders and Sornette, Didier , The Nasdaq Crash of April 2000: Yet Another Example of Log-Periodicity in a Speculative Bubble Ending in a Crash. Available at SSRN: http://ssrn.com/abstract=224145 or http://dx.doi.org/10.2139/ssrn.224145
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