What causes crashes?
Are large market events caused by easily identifiable exogenous shocks such as major newsevents, or can they occur endogenously, without apparent external cause, as an inherent propertyof the market itself? Here, Didier Sornette, Yannick Malevergne and Jean-François Muzy ask thisquestion of a number of large stock market events and conclude that endogenous crashes do exist
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