Mr. Shiller talked about his book Irrational Exuberance, published by Princeton University Press. Analyzing the stock market from 1994 to 1999, the author argued that the recent rise in volume is based on structural and psychological factors, such as the development of online business and the entrance of new investors into the market. He also warned that the market is overvalued and the rise cannot be expected to continue. After his prepared remarks, he responded to audience comments and questions. close
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