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What Does a Record Stock Market Mean?

We asked Yale SOM’s William Goetzmann, an expert on financial markets and the history of finance, what soaring stock prices say about the economy and the future of the markets.

A trader in front of computer terminals at the New York Stock Exchange
  • Shining a Light into the Black Box of the Art Market

    The opacity of the art market benefits a tiny elite of collectors, gallerists, and artists, says Yale SOM's Magnus Resch, but makes it harder for most artists and art lovers to connect.

    Andy Warhol’s Muhammad Ali is auctioned at Christie’s in 2007.
  • Business Prognosticators Keep Getting It Wrong

    Yale SOM’s Jeffrey Sonnenfeld explains the mistakes that analysts and forecasters make while trying to predict the future.

    A crystal ball with a stock chart inside
  • Did Crypto Cause the FTX Collapse?

    Yale SOM’s Rick Antle, an accounting scholar who worked on the Bernie Madoff restitution, says that FTX was a toxic combination of a new asset and a failure of corporate controls.

    A fading image of an FTX logo on a computer screen
  • Quickly Disclosing Bad News Could Help Companies Benefit from Market Signals

    Consistently releasing negative forecasts promptly could change trader incentives and ultimately help a company gather more strategic information from the market, according to a new study co-authored by Yale SOM’s Zeqiong Huang.

    An illustration of a CEO speaking to a crowd
  • What Sports Betting Teaches Us about Financial Markets

    In a new paper, Tobias Moskowitz of Yale SOM finds that the sports betting market exhibits pricing patterns also seen in the stock market—suggesting that both may be subject to human irrationality.

    A screen showing betting lines for major league baseball
  • Requiring Short Seller Disclosure Could Distort Markets

    A study by Yale SOM's Frank Zhang suggests that requiring disclosures of short positions would lead some investors to make decisions based on others’ short positions, rather than information about a firm; this “herding” could drive stock prices away from their true value.

    A herd of water buffalo drinking at a water hole
  • Study: Margin Trading Causes Stock Prices to Drop in Concert

    During financial crises, stocks tend to fall together more than they should. A new study co-authored by Yale SOM’s Heather Tookes suggests that margin trading plays a substantial role in driving this downward spiral.

    Mumbai's BSE stock exchange on March 9, 2020, as the COVID-19 pandemic sparked a plunge in stock prices. Photo: Dhiraj Singh/Bloomberg via Getty Images.
  • Study: Rising Seas Aren’t Causing Coastal Property Values to Decline

    Climate change is causing sea levels to rise, threatening expensive waterfront properties. But according to a new study co-authored by Yale SOM’s Matthew Spiegel, prices are not falling in the areas most likely to be affected.

    A row of coastal houses
  • Why the Texas Power Market Failed

    Texas-based energy economist Ed Hirs ’81 says the February 2021 power crisis exposed longstanding, fatal flaws in the state’s energy market design and oversight.

    Workers repair a power line in Austin, Texas, on February 18, 2021. Photo: Thomas Ryan Allison/Bloomberg via Getty Images.
  • Is Bitcoin a Bubble?

    The price of a single Bitcoin is up more than 700% since the beginning of 2020, defying years of predictions of a crash. We asked Prof. Aleh Tsyvinski, professor of economics at Yale, to shed some light on the continuing phenomenon.

    Bitcoins floating in a bubble on a black background