00000caa a22000003i 4500 UP-1685594773862388423 Buklod 20210312085201.0 m | | ta 210604s2013 xx a r |||| u|eng d 16551516 (iLib)UPBAG-00039458425 BAG rda eng ARTICLE-2624 Nartea, Gilbert V. author. Are there rational speculative bubbles in the Philippine stock market? Gilbert V. Nartea, Bo Hu, Baiding Hu. [Quezon City] School of Economics, University of the Philippines 2013. pages 45-56 illustrations 23 cm text rdacontent unmediated rdamedia volume rdacarrier Title was 'Philippine Review of Business and Economics' until 1979. Title changed to 'Philippine Review of Economics and Business' from 1980-2000, and again changed to 'Philippine Review of Economics' since 2001. Includes bibliographical references (page 56) ASEAN stock markets have experienced episodes of long price run-ups followed by large drops over the past 20 years. These apparent bouts of boom and bust have prompted the popular press to conjecture the presence of speculative asset bubbles in these markets causing stock prices to deviate from fundamental values. We use descriptive statistics and McQueen and Thorley's [1994] duration dependence test to examine the presence of rational speculative bubbles?a special case of speculative bubbles' in the Philippine stock market over the period from 1991 to 2009. We do not detect the presence of rational speculative bubbles in the Philippines using both monthly and weekly returns. This implies that the long run-ups in prices and the subsequent drops over the sample period could have been justified by fundamental value changes. However, it is also possible that there were bubbles caused by irrational investor behavior. We suggest that further research in this area is warranted. Philippine Stock Exchange. Stock Market Bubble, 1995-2000. Speculation Philippines. Stock exchanges Philippines. Stocks Prices Philippines. The Philippine Review of Economics Vol. 50, no. 1 (June 2013), p. 45-56. Request full-text access via UPB University Library through https://forms.gle/KZjBv7aRtY6jiL5E9 FI UPBAG UPBAG-MAIN ARTICLE-2624 Analytics