Short Note on the Size of the Dot-Com Bubble

According to the authors, a surprisingly large amount of commentary today marks the beginning of the dot-com bubble of the late 1990s from either the Netscape Communications initial public offering of 1995 or Alan Greenspans "irrational exuberance" speech of 1996. The authors believe that this is wrong: they see little sign that the aggregate U.S. stock market was in any way in a significant bubble until 1998 or so.