Testing for Speculative Bubbles in Stock Prices
A modification of Kenneth West's method for investigating speculative bubbles in stock prices, in which a direct test of the "no bubble" hypothesis is applied to long-term annual U.S. stock-market data.
Suggested citation: Demirguc-Kunt, Asli, and Hashem Dezhbacksh, 1988. “Testing for Speculative Bubbles in Stock Prices,” Federal Reserve Bank of Cleveland, Working Paper no. 88-07.