Jun 21, 2016
We estimate a continuous-time model with stochastic volatility and dynamic crash probability for the stock market index and find that market illiquidity dominat
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We estimate a continuous-time model with stochastic volatility and dynamic crash probability for the stock market index and find that market illiquidity dominat
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When the price of a stock can be ... set at the margin by the most emotional person, or the greedist person, or the most depressed person, it is hard to argue that the market prices rationally.
Warren Buffett