{"id":"https://openalex.org/W2093532369","doi":"https://doi.org/10.1007/s100510050163","title":"Stock market crashes are outliers","display_name":"Stock market crashes are outliers","publication_year":1998,"publication_date":"1998-02-01","ids":{"openalex":"https://openalex.org/W2093532369","doi":"https://doi.org/10.1007/s100510050163","mag":"2093532369"},"language":"en","primary_location":{"id":"doi:10.1007/s100510050163","doi":"https://doi.org/10.1007/s100510050163","is_oa":false,"landing_page_url":"https://doi.org/10.1007/s100510050163","pdf_url":null,"source":{"id":"https://openalex.org/S9051360","display_name":"The European Physical Journal B","issn_l":"1434-6028","issn":["1434-6028","1434-6036"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","dongbi-d","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The European Physical Journal B","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["arxiv","crossref","datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://arxiv.org/pdf/cond-mat/9712005","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5135656811","display_name":"Anders Sewerin Johansen","orcid":"https://orcid.org/0000-0002-5893-6165","observed_orcids":["https://orcid.org/0000-0002-5893-6165"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"A. Johansen","raw_affiliation_strings":["CATS, Niels Bohr Institute, DK-2100, Blegdamsvej 17, Denmark","CATS, Niels Bohr Institute, Blegdamsvej 17, Denmark"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"CATS, Niels Bohr Institute, DK-2100, Blegdamsvej 17, Denmark","institution_ids":[]},{"raw_affiliation_string":"CATS, Niels Bohr Institute, Blegdamsvej 17, Denmark","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5057002364","display_name":"Didier Sornette","orcid":"https://orcid.org/0000-0001-7874-7962","observed_orcids":["https://orcid.org/0000-0001-7874-7962"]},"institutions":[{"id":"https://openalex.org/I161318765","display_name":"University of California, Los Angeles","ror":"https://ror.org/046rm7j60","country_code":"US","type":"education","lineage":["https://openalex.org/I161318765"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"D. Sornette","raw_affiliation_strings":["Department of Earth and Space Science, and Institute of Geophysics and Planetary Physics, University of California, 90095, Los Angeles, California, USA","Department of Earth and Space Science and Institute of Geophysics and#N#                  Planetary Physics, University of California, Los Angeles, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Earth and Space Science, and Institute of Geophysics and Planetary Physics, University of California, 90095, Los Angeles, California, USA","institution_ids":["https://openalex.org/I161318765"]},{"raw_affiliation_string":"Department of Earth and Space Science and Institute of Geophysics and#N#                  Planetary Physics, University of California, Los Angeles, USA","institution_ids":["https://openalex.org/I161318765"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3490,"currency":"USD","value_usd":3490},"apc_paid":null,"fwci":22.2608,"has_fulltext":false,"cited_by_count":141,"citation_normalized_percentile":{"value":0.99252093,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"1","issue":"2","first_page":"141","last_page":"143"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.9970999956130981,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.9970999956130981,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12261","display_name":"Statistical Mechanics and Entropy","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/3109","display_name":"Statistical and Nonlinear Physics"},"field":{"id":"https://openalex.org/fields/31","display_name":"Physics and Astronomy"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stock-market-crash","display_name":"stock market crash","score":1.0},{"id":"https://openalex.org/keywords/outliers","display_name":"outliers","score":0.7960000038146973},{"id":"https://openalex.org/keywords/heavy-tailed-distributions","display_name":"heavy-tailed distributions","score":0.9169999957084656},{"id":"https://openalex.org/keywords/price-fluctuations","display_name":"price fluctuations","score":0.6589999794960022},{"id":"https://openalex.org/keywords/dow-jones-industrial-average","display_name":"Dow Jones Industrial Average","score":0.9860000014305115},{"id":"https://openalex.org/keywords/extreme-events","display_name":"extreme events","score":0.6610000133514404}],"concepts":[{"id":"https://openalex.org/C79337645","wikidata":"https://www.wikidata.org/wiki/Q779824","display_name":"Outlier","level":2,"score":0.8261091709136963},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.651330828666687},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4767802059650421},{"id":"https://openalex.org/C32848918","wikidata":"https://www.wikidata.org/wiki/Q845789","display_name":"Observable","level":2,"score":0.4640890955924988},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4588305652141571},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.45133548974990845},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.43652045726776123},{"id":"https://openalex.org/C2988984586","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Stock price","level":3,"score":0.42365872859954834},{"id":"https://openalex.org/C2777382242","wikidata":"https://www.wikidata.org/wiki/Q6017816","display_name":"Index (typography)","level":2,"score":0.4118667542934418},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.35812634229660034},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3382408618927002},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.2701501250267029},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.23521766066551208},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.19901686906814575},{"id":"https://openalex.org/C127313418","wikidata":"https://www.wikidata.org/wiki/Q1069","display_name":"Geology","level":0,"score":0.07969090342521667},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C136764020","wikidata":"https://www.wikidata.org/wiki/Q466","display_name":"World Wide Web","level":1,"score":0.0},{"id":"https://openalex.org/C143724316","wikidata":"https://www.wikidata.org/wiki/Q312468","display_name":"Series (stratigraphy)","level":2,"score":0.0},{"id":"https://openalex.org/C62520636","wikidata":"https://www.wikidata.org/wiki/Q944","display_name":"Quantum mechanics","level":1,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0}],"mesh":[],"locations_count":8,"locations":[{"id":"doi:10.1007/s100510050163","doi":"https://doi.org/10.1007/s100510050163","is_oa":false,"landing_page_url":"https://doi.org/10.1007/s100510050163","pdf_url":null,"source":{"id":"https://openalex.org/S9051360","display_name":"The European Physical Journal B","issn_l":"1434-6028","issn":["1434-6028","1434-6036"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","dongbi-d","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The European Physical Journal B","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:arx:papers:cond-mat/9712005","doi":null,"is_oa":false,"landing_page_url":"http://arxiv.org/pdf/cond-mat/9712005","pdf_url":"http://arxiv.org/pdf/cond-mat/9712005","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:arXiv.org:cond-mat/9712005","doi":null,"is_oa":true,"landing_page_url":"http://arxiv.org/abs/cond-mat/9712005","pdf_url":"https://arxiv.org/pdf/cond-mat/9712005","source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"pmh:oai:edpsciences.org:dkey/10.1007/s100510050163","doi":null,"is_oa":false,"landing_page_url":"http://www.springerlink.com/content/fulltext.pdf?id=doi:10.1007/s100510050163","pdf_url":"http://www.springerlink.com/content/fulltext.pdf?id=doi:10.1007/s100510050163","source":{"id":"https://openalex.org/S4306400744","display_name":"Springer Link (Chiba Institute of Technology)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I8488066","host_organization_name":"Chiba Institute of Technology","host_organization_lineage":["https://openalex.org/I8488066"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"https://doi.org/10.1007/s100510050163","raw_type":"Text"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.29.5490","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.29.5490","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.nbi.dk/~johansen/Papers/outlier.pdf","raw_type":"text"},{"id":"mag:3125532326","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:arx:papers:cond-mat/9712005","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:spr:eurphb:v:1:y:1998:i:2:p:141-143","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1007/s100510050163","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"doi:10.48550/arxiv.cond-mat/9712005","doi":"https://doi.org/10.48550/arxiv.cond-mat/9712005","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.cond-mat/9712005","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"}],"best_oa_location":{"id":"pmh:oai:arXiv.org:cond-mat/9712005","doi":null,"is_oa":true,"landing_page_url":"http://arxiv.org/abs/cond-mat/9712005","pdf_url":"https://arxiv.org/pdf/cond-mat/9712005","source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":15,"referenced_works":["https://openalex.org/W1514933751","https://openalex.org/W1549244526","https://openalex.org/W1831584652","https://openalex.org/W1996602826","https://openalex.org/W2038204037","https://openalex.org/W2043478133","https://openalex.org/W2088963552","https://openalex.org/W2100381995","https://openalex.org/W2950733125","https://openalex.org/W3100049127","https://openalex.org/W3105959024","https://openalex.org/W3122949630","https://openalex.org/W3125791422","https://openalex.org/W3146166473","https://openalex.org/W4244053336"],"related_works":["https://openalex.org/W125428626","https://openalex.org/W1940481756","https://openalex.org/W2806911865","https://openalex.org/W2071481304","https://openalex.org/W7098141882","https://openalex.org/W96760804","https://openalex.org/W2170595175","https://openalex.org/W1921732602","https://openalex.org/W2137083114","https://openalex.org/W2288818759"],"abstract_inverted_index":null,"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":3},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":7},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":4},{"year":2016,"cited_by_count":6},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":4},{"year":2013,"cited_by_count":4},{"year":2012,"cited_by_count":5}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}