June 2003
Intermediate to advanced
271 pages
14h 54m
English
Content preview from Tech Stock Valuation
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WHAT CAUSED
THE TECH BUBBLE?
In the period leading up to the 2000 market peak, a spirited debate raged among
market professionals and academics as to whether stock prices always correspond
to fundamental values, where fundamental value is defined as the present value of
the expected payoff from future dividends, share repurchases, and so on. According
to the efficient market hypothesis, stock prices fluctuate only when investors
respond to new information concerning changes in market fundamentals (e.g., see
Malkiel and Yexiao, 1997). The efficient market hypothesis implies that whatever
change occurs in stock prices is inherently unpredictable and can ...
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