Many investors were left stunned. Since most market participants blame the UAL deal as the culprit, survey researcher William Feltus and Robert Shiller, the author of Irrational Exuberance, conducted a telephone survey of 101 market professionals in the business days following the crash asking if they had heard about the UAL news before or after the crash; 36% surveyed said they heard about it before the losses set in, and 53% said afterwards.
The market professionals also believed that the UAL story was just an attention grabber, with traders just trying to find a reason to sell. Fifty percent believed that was the reason while 30 percent believed the news would reduce future takeovers.
Read more about this topic: Friday The 13th Mini-crash
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