TY  - JOUR
AU  - Shiller,Robert J.
AU  - Konya,Fumiko
AU  - Tsutsui,Yoshiro
TI  - Investor Behavior in the October 1987 Stock Market Crash:  The Case of Japan
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 2684
PY  - 1988
Y2  - August 1988
UR  - http://www.nber.org/papers/w2684
L1  - http://www.nber.org/papers/w2684.pdf
N1  - Author contact info:
Robert J. Shiller
Yale University, Cowles Foundation
Box 208281
30 Hillhouse Avenue
New Haven, CT  06520-8281
Tel: 203/432-3708
Fax: 203/432-6167
E-Mail: robert.shiller@yale.edu

Yoshiro Tsutsui
AB  - In a questionnaire survey we asked Japanese institutional investors to recall what they thought and did during the worldwide stock market crash in October, 1987. The results confirm that the drop in U. S. stock prices was the primary factor on their minds, and other news stories in the United States dominated Japanese news stories. A comparison with an earlier survey of U. 5. institutional investors at the time of the crash (Shiller [1987])shows a remarkable similarity between Japanese and U. S. institutional investors in a number of attitudinal and behavioral dimensions. The results suggest that events in the United States were the proximate cause of the crash in Japan, but that the transmission mechanism of the crash was very similar in both countries.
ER  -