Negative bubbles: What happens after a crash
研究了1692年至2015年全球101个股票市场的崩盘数据，发现极端年度下跌后通常伴随正回报，而较小下跌则不然，且该模式不受制度摩擦、金融危机等因素影响。
Abstract We study crashes using data from 101 global stock markets from 1692 to 2015. Extremely large, annual stock market declines are typically followed by positive returns. This is not true for smaller declines. This pattern does not appear to be driven by institutional frictions, financial crises, macroeconomic shocks, political conflicts, or survivorship issues.