The October Crash: Some Evidence on the Cascade Throry
نویسنده
چکیده
HE record one-day decline in stock prices on October19, 1987, stripped roughly 22 pet-cent from stock values. More disconcerting, however, wet-c the speed of the adjustment, the tumultuous ti-ading activity in financial markets and the uncertainty that prevailed during the week of October 19. These aspects of the crash bore a surprising resemblance to previous financial panics that many thought were historical artifacts outmoded by modern regulatory and surveillance systems as well as by advances in the financial sophistication of mar’ket participants. The crash shocked this complacency and reawakened considerable inter’est in financial panics and their causes.
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