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This is an index published by The Yale School of management. It calculates the confidence that there will be no stock market crash in the succeeding six months. Two indices are reported, one for institutional and another for individual. The higher the value of the index the more confident investors are and the more they believe that there will be no crash in the near term. On the contrary, a low value in the crash confidence index indicates that investors believe that the market may experience a crash in the near term. As an example, Crash Confidence Index for institutional has declined to 18.02% on February 2009, institutional were expecting a market crash. This value of 18.02% was the lowest value of the index since its creation in 1989.
The current download item downloads both institutional and individual time-series (historical data) for the crash index as well as the standard error of the index value (the Standard error data is saved in the volume field). The added symbols are '^YALE_CRASHINDEX_INDIVIDUAL' for individual and '^YALE_CRASHINDEX_INSTITUTIONAL' for institutional.
Some weeks ago, I have created another index from the Yale School of management, the valuation confidence index. You can download it at the following URL: Yale - Valuation Confidence Index
