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University of California, Los Angeles. I gratefully acknowledge the helpful discussions and comments of James Ang, Michael Brennan, Chris Barry (the discussant at the WFA 1990 meetings), Bhagwan Chowdhry, Kent Daniel, Milton Harris (the chairman of my Ph.D. thesis from which this paper derives), David Hirshleifer, Narasimhan Jegadeesh, Tim Opler, Jay Ritter, René Stulz, Sheridan Titman, Itzchak Venezia, an anonymous referee, and the workshop participants at seminars at The University of California at Los Angeles, The University of Chicago, and The University of Illinois at Champaign-Urbana, INSEAD, The 5th Symposium on Money, Banking, Finance and Insurance in Karlsruhe, and the NBER. An earlier version of this paper, titled “Sequential Sales, Path Dependence and Cascades,” was presented at the Western Finance Association 1990 conference. I gratefully acknowledge financial support from the Center for Finance and Real Estate and the Center for Entrepreneurial Studies, both at UCLA.
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Sequential Sales, Learning, and Cascades
Article first published online: 30 APR 2012
DOI: 10.1111/j.1540-6261.1992.tb04406.x
1992 The American Finance Association
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How to Cite
WELCH, I. (1992), Sequential Sales, Learning, and Cascades. The Journal of Finance, 47: 695–732. doi: 10.1111/j.1540-6261.1992.tb04406.x
- †
University of California, Los Angeles. I gratefully acknowledge the helpful discussions and comments of James Ang, Michael Brennan, Chris Barry (the discussant at the WFA 1990 meetings), Bhagwan Chowdhry, Kent Daniel, Milton Harris (the chairman of my Ph.D. thesis from which this paper derives), David Hirshleifer, Narasimhan Jegadeesh, Tim Opler, Jay Ritter, René Stulz, Sheridan Titman, Itzchak Venezia, an anonymous referee, and the workshop participants at seminars at The University of California at Los Angeles, The University of Chicago, and The University of Illinois at Champaign-Urbana, INSEAD, The 5th Symposium on Money, Banking, Finance and Insurance in Karlsruhe, and the NBER. An earlier version of this paper, titled “Sequential Sales, Path Dependence and Cascades,” was presented at the Western Finance Association 1990 conference. I gratefully acknowledge financial support from the Center for Finance and Real Estate and the Center for Entrepreneurial Studies, both at UCLA.
Publication History
- Issue published online: 30 APR 2012
- Article first published online: 30 APR 2012
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