"Whenever housing prices soar -- in Shanghai, San Francisco or Santiago -- experts wonder whether the cause is a speculative bubble that could eventually burst, causing widespread distress. Such frenzied swings are not confined to real estate alone, of course, as any investor who lost his shirt during the dot-com mania of the 1990s knows. What causes such bubbles? Is there a way of spotting them while the bubble is actually being formed -- rather than after the fact? A new research paper that examines volatility in Hong Kong's residential market between 1992 and 1997 offers interesting insights into these questions." Source: Knowledge@Wharton
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