# Professor Jeffrey Wurgler's co-authored research on investor exuberance is referenced

1 Faculty News July 5, 2020 ![Wall Street Journal logo](/sites/default/files/styles/246w/public/assets/images/wsjlogo.jpg?itok=5Qt0z3WX)>

Excerpt from [The Wall Street Journal](https://www.wsj.com/articles/are-stock-investors-irrationally-exuberant-again-11593952050) -- "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](https://www.stern.nyu.edu/faculty/bio/jeffrey-wurgler), a finance professor at New York University.

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."

[Read More](https://www.wsj.com/articles/are-stock-investors-irrationally-exuberant-again-11593952050)