Guidolin, Massimo; Hyde, Stuart - Federal Reserve Bank of St. Louis - 2007
Irish stock market, one of the top world performers of the 1990s, and the US and UK stock markets. We find that two regimes …, characterized as bear and bull states, are required to characterize the dynamics of excess equity returns both at the univariate and … typical of the major markets. However, despite the existence of a persistent bull state in which the correlations among Irish …