{"id":"https://openalex.org/W4312126399","doi":"https://doi.org/10.3390/systems10060251","title":"Behavioral Framework of Asset Price Bubbles: Theoretical and Empirical Analyses","display_name":"Behavioral Framework of Asset Price Bubbles: Theoretical and Empirical Analyses","publication_year":2022,"publication_date":"2022-12-09","ids":{"openalex":"https://openalex.org/W4312126399","doi":"https://doi.org/10.3390/systems10060251"},"language":"en","primary_location":{"id":"doi:10.3390/systems10060251","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems10060251","pdf_url":"https://www.mdpi.com/2079-8954/10/6/251/pdf?version=1670921538","source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Systems","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2079-8954/10/6/251/pdf?version=1670921538","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5019866681","display_name":"Cong Chen","orcid":"https://orcid.org/0000-0002-9578-5925"},"institutions":[{"id":"https://openalex.org/I115592961","display_name":"Jiangsu University","ror":"https://ror.org/03jc41j30","country_code":"CN","type":"education","lineage":["https://openalex.org/I115592961"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Cong Chen","raw_affiliation_strings":["School of Finance and Economics, Jiangsu University, Zhenjiang 212013, China"],"raw_orcid":"https://orcid.org/0000-0002-9578-5925","affiliations":[{"raw_affiliation_string":"School of Finance and Economics, Jiangsu University, Zhenjiang 212013, China","institution_ids":["https://openalex.org/I115592961"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5031884818","display_name":"Changsheng Hu","orcid":"https://orcid.org/0000-0001-9334-5259"},"institutions":[{"id":"https://openalex.org/I37461747","display_name":"Wuhan University","ror":"https://ror.org/033vjfk17","country_code":"CN","type":"education","lineage":["https://openalex.org/I37461747"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Changsheng Hu","raw_affiliation_strings":["Economics and Management School, Wuhan University, Wuhan 430072, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Economics and Management School, Wuhan University, Wuhan 430072, China","institution_ids":["https://openalex.org/I37461747"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5090048527","display_name":"Hongxing Yao","orcid":"https://orcid.org/0000-0002-5988-0378"},"institutions":[{"id":"https://openalex.org/I115592961","display_name":"Jiangsu University","ror":"https://ror.org/03jc41j30","country_code":"CN","type":"education","lineage":["https://openalex.org/I115592961"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Hongxing Yao","raw_affiliation_strings":["School of Finance and Economics, Jiangsu University, Zhenjiang 212013, China"],"raw_orcid":"https://orcid.org/0000-0002-5988-0378","affiliations":[{"raw_affiliation_string":"School of Finance and Economics, Jiangsu University, Zhenjiang 212013, China","institution_ids":["https://openalex.org/I115592961"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5031884818"],"corresponding_institution_ids":["https://openalex.org/I37461747"],"apc_list":{"value":1600,"currency":"CHF","value_usd":1782},"apc_paid":{"value":1600,"currency":"CHF","value_usd":1782},"fwci":0.1944,"has_fulltext":true,"cited_by_count":1,"citation_normalized_percentile":{"value":0.54986354,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":91,"max":95},"biblio":{"volume":"10","issue":"6","first_page":"251","last_page":"251"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9998000264167786,"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"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9998000264167786,"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"}},{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.9986000061035156,"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/T11059","display_name":"Market Dynamics and Volatility","score":0.9980000257492065,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/volatility","display_name":"Volatility (finance)","score":0.6669667959213257},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.632499635219574},{"id":"https://openalex.org/keywords/asset","display_name":"Asset (computer security)","score":0.622229814529419},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.6161577701568604},{"id":"https://openalex.org/keywords/extrapolation","display_name":"Extrapolation","score":0.5812332034111023},{"id":"https://openalex.org/keywords/portfolio","display_name":"Portfolio","score":0.508466362953186},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.48132264614105225},{"id":"https://openalex.org/keywords/capital-asset-pricing-model","display_name":"Capital asset pricing model","score":0.45638328790664673},{"id":"https://openalex.org/keywords/economic-bubble","display_name":"Economic bubble","score":0.4541361927986145},{"id":"https://openalex.org/keywords/financial-market","display_name":"Financial market","score":0.4513293504714966},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.39123716950416565},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.12337663769721985},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.08358576893806458},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.07027357816696167}],"concepts":[{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.6669667959213257},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.632499635219574},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.622229814529419},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.6161577701568604},{"id":"https://openalex.org/C132459708","wikidata":"https://www.wikidata.org/wiki/Q744069","display_name":"Extrapolation","level":2,"score":0.5812332034111023},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.508466362953186},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.48132264614105225},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.45638328790664673},{"id":"https://openalex.org/C201543015","wikidata":"https://www.wikidata.org/wiki/Q207781","display_name":"Economic bubble","level":2,"score":0.4541361927986145},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4513293504714966},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.39123716950416565},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.12337663769721985},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.08358576893806458},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.07027357816696167},{"id":"https://openalex.org/C134306372","wikidata":"https://www.wikidata.org/wiki/Q7754","display_name":"Mathematical analysis","level":1,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3390/systems10060251","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems10060251","pdf_url":"https://www.mdpi.com/2079-8954/10/6/251/pdf?version=1670921538","source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Systems","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:f26c46d228d44feabb0181af88dc9215","is_oa":true,"landing_page_url":"https://doaj.org/article/f26c46d228d44feabb0181af88dc9215","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Systems, Vol 10, Iss 6, p 251 (2022)","raw_type":"article"},{"id":"pmh:oai:mdpi.com:/2079-8954/10/6/251/","is_oa":true,"landing_page_url":"https://dx.doi.org/10.3390/systems10060251","pdf_url":null,"source":{"id":"https://openalex.org/S4306400947","display_name":"MDPI (MDPI AG)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I4210097602","host_organization_name":"Multidisciplinary Digital Publishing Institute (Switzerland)","host_organization_lineage":["https://openalex.org/I4210097602"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Systems","raw_type":"Text"}],"best_oa_location":{"id":"doi:10.3390/systems10060251","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems10060251","pdf_url":"https://www.mdpi.com/2079-8954/10/6/251/pdf?version=1670921538","source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Systems","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.4399999976158142,"display_name":"Partnerships for the goals","id":"https://metadata.un.org/sdg/17"}],"awards":[{"id":"https://openalex.org/G3163207742","display_name":"\u6760\u6746\u89c6\u89d2\u4e0b\u6295\u8d44\u8005\u60c5\u7eea\u53cd\u9988\u4e0e\u80a1\u7968\u5e02\u573a\u6ce2\u52a8\u6027\u7814\u7a76","funder_award_id":"71671134","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G6751163674","display_name":null,"funder_award_id":"72204099","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"}],"funders":[{"id":"https://openalex.org/F4320321001","display_name":"National Natural Science Foundation of China","ror":"https://ror.org/01h0zpd94"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4312126399.pdf","grobid_xml":"https://content.openalex.org/works/W4312126399.grobid-xml"},"referenced_works_count":29,"referenced_works":["https://openalex.org/W74101598","https://openalex.org/W1463637956","https://openalex.org/W1989285461","https://openalex.org/W1996644677","https://openalex.org/W2099227715","https://openalex.org/W2109767864","https://openalex.org/W2111255674","https://openalex.org/W2123518587","https://openalex.org/W2132363418","https://openalex.org/W2768055006","https://openalex.org/W2890083190","https://openalex.org/W2969798533","https://openalex.org/W3121275215","https://openalex.org/W3121502928","https://openalex.org/W3122727604","https://openalex.org/W3122840017","https://openalex.org/W3124266640","https://openalex.org/W3124305668","https://openalex.org/W3124683565","https://openalex.org/W3124986135","https://openalex.org/W3125769289","https://openalex.org/W3125984145","https://openalex.org/W3126134478","https://openalex.org/W3176541533","https://openalex.org/W4233399873","https://openalex.org/W4242545938","https://openalex.org/W4245022299","https://openalex.org/W6635930028","https://openalex.org/W6790318538"],"related_works":["https://openalex.org/W1968270095","https://openalex.org/W4296478327","https://openalex.org/W1960072520","https://openalex.org/W2042397106","https://openalex.org/W4361730764","https://openalex.org/W1965029248","https://openalex.org/W2220129715","https://openalex.org/W2387596242","https://openalex.org/W2333625343","https://openalex.org/W4210931496"],"abstract_inverted_index":{"Sentiment":[0],"and":[1,9,41,44,77,115,144,156,179,185,204,238,242,265,296],"extrapolation":[2,158],"are":[3,11],"ubiquitous":[4],"in":[5,91,94,107,109,153,193,235,249,270,303,321],"the":[6,14,21,47,62,68,89,95,105,110,116,130,135,139,142,149,154,157,162,165,174,180,188,190,198,209,220,223,229,232,246,262,271,288,293,299,304,330,334],"financial":[7],"market,":[8],"they":[10],"not":[12,101,215],"only":[13],"embodiment":[15],"of":[16,24,51,57,97,112,141,151,164,182,201,211,222,283,324,333],"human":[17],"nature,":[18],"but":[19],"also":[20,123],"primary":[22],"drivers":[23],"asset":[25,52,74,85,92,202,277,310,325],"price":[26,75,86,206,278,311],"bubbles.":[27,279,312],"In":[28],"this":[29],"study,":[30],"we":[31,45,172,227,243],"first":[32],"constructed":[33],"a":[34,254],"theoretical":[35,166,224,335],"model":[36,167],"that":[37,245],"included":[38],"fundamental":[39],"traders":[40],"extrapolated":[42],"investors,":[43],"assessed":[46],"time":[48,117],"series":[49],"characteristics":[50],"prices":[53,93,108,119,203],"under":[54],"different":[55,322],"types":[56,323],"information":[58,199],"shocks.":[59],"According":[60,133],"to":[61,72,83,120,134,187],"research":[63],"results,":[64,189],"good":[65],"news":[66,80],"about":[67],"fundamentals":[69],"can":[70,81,126,196,252,286],"lead":[71,82],"positive":[73,113,143,255,276],"bubbles,":[76,114],"correspondingly,":[78],"bad":[79],"negative":[84,98,145,309],"bubbles;":[87],"however,":[88,208],"decrease":[90],"case":[96,111],"bubbles":[99],"is":[100,122,214],"as":[102,104],"substantial":[103],"increase":[106,191,205,248],"for":[118],"reverse":[121],"long,":[124],"which":[125,217,274,307,327],"be":[127],"explained":[128],"by":[129],"short-selling":[131],"constraints.":[132],"comparative":[136],"static":[137],"analysis,":[138],"scales":[140],"foams":[146],"depend":[147],"on":[148,257],"proportion":[150],"investors":[152],"market":[155],"coefficient.":[159],"We":[160],"verified":[161],"conclusion":[163,221],"from":[168],"two":[169,315],"aspects:":[170],"(1)":[171],"analyzed":[173],"relationship":[175,230],"between":[176,231],"investor":[177,194,236,250,284],"sentiment":[178,195,213,237,251,285],"prevalence":[181],"informed":[183],"trading,":[184],"according":[186],"(decrease)":[192],"reduce":[197],"content":[200],"volatility;":[207],"impact":[210,256],"low":[212],"substantial,":[216],"preliminarily":[218],"tests":[219],"model;":[225],"(2)":[226],"examined":[228],"cumulative":[233,247,281],"change":[234],"future":[239,258,267,289,300],"portfolio":[240,259,268,290,301],"returns,":[241],"found":[244],"have":[253],"returns":[260,269,291,302],"at":[261,292],"initial":[263,294],"stage,":[264,295],"depress":[266,287],"long":[272,305],"term,":[273,306],"forms":[275,308],"The":[280],"depression":[282],"positively":[297],"influence":[298],"Moreover,":[313],"these":[314],"nonlinear":[316],"relationships":[317],"exhibit":[318],"cross-sectional":[319],"differences":[320],"portfolios,":[326],"further":[328],"validates":[329],"key":[331],"proposition":[332],"model.":[336]},"counts_by_year":[{"year":2025,"cited_by_count":1}],"updated_date":"2026-07-22T07:51:19.307946","created_date":"2025-10-10T00:00:00"}