July 9, 2020

The Wall Street Journal -- "Perhaps the most systematic effort to quantify investor exuberance was conducted 20 years ago by Malcolm Baker, a finance professor at Harvard Business School, and Jeffrey Wurgler, the Program Director of MS in Quantitative Finance.

Professor Jeffery Wurgler at NYU Shanghai - NYU Stern MS program Advisory Board Reception

In research done in the wake of the bursting of the internet-stock bubble, they identified five variables for comparing investor sentiment at different points in time and showing how that relates to stock performance. A composite of those indicators shows that the current market is far less exuberant than in the late 1990s.