Noise (also collapse of the stock market or ) an extreme Kursverlust at stock exchanges is called.

A cause is often a speculation blister: Rising courses arrange to ascend ever more investor on the driving course, which continues to drive the courses of the shares up. On its high point the blister, the sales "bursts" releases further sales and in the long run a sharp fall in prices.

In addition, without preceding speculation blister there can be the same phenomenon: Kursverluste (e.g. due to outside events like the Asia crisis) lead to (often irrational) fears of the investors, who strengthen mutually.

In principle these phenomena most investors (market participants) are well-known. There is however no possibility of judging objectively whether an exaggeration of the market reached its high point or Tiefpunkt. The fair value of a share is in a functioning market their current in each case value. Who speculates on it, this value will rise at short notice (or to fall), sets on the assumption, it can better than other market participants the future development of the value judge.

The short term speculation with shares has thus a gambling character, and it is the main cause of the exaggerations of the market. A collapse of the stock market is always a consequence of the speculation.

In the long term shares nevertheless often proved as meaningful investment of funds. The owner of shares has part at the value and at the profits of an enterprise and can thereby larger profits obtain than with many other forms of the investment of funds. In addition, larger profit with larger risk is bought on a long-term basis, depending upon Risikostreuung up to the total loss. At least however: Who buys briefly before the noise shares, must every now and then decades wait, until the shares are as much worth again, as he paid once for it.

• In 17. Century happened the first collapse of the stock market, which was delivered. On 7 February 1637 it came to the noise (the large Tulpenmanie), because many investors into Holland tulip bulbs had bought, at extremely high prices and in the expectation of further price increases. But then it went at one time downhill and it came to high losses.
• 1700: The society could not redeem their portions any longer after failure of the project.
• 1720: With the South Seas blister of England and the Mississipi blister of France deep crises in France, which were not overcome up to the outbreak of the American ones and French revolution particularly, began.
• 1873: To 9. The share quotations at the Viennese stock exchange fell May into soil lots (founder noise). Also in Germany and the USA the share quotations fell.
• 1893: An economic crisis in the USA solved to 5. May substantial Kursverluste at the New York stick Exchange out, which particularly met railway shares.
• 1929: 24 October 1929 entered history as black Thursday (and/or black Friday).
• 1987: On 19 October 1987 the Dow Jones fell.
• 1998: The Russia crisis drew the stock markets of Russia and Eastern Europe into the depth.
• 2000: The blow-out of the Dotcom blister: Many Internet shares were excessively oversubscribed. To the Internet boom the noise and many young companies came went broke. Also different shares lost substantially at value.

See also

• Financial crisis
• Financial scandal
• Insolvency
• Recession
• Black Monday
• Black Thursday
• Black Friday
• World economic crisis
• Economic crisis

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