Of the 40 historical instances of rapid industry stock price increases identified by Robyn Greenwood's research, approximately half resulted in a dramatic crash within a few years, while the other half did not.

Robyn Greenwood and his colleagues were motivated by Eugene Fama's challenge to empirically prove the existence of bubbles, leading to their research on statistically identifying them.

In their research on market bubbles, Robyn Greenwood and his colleagues analyzed nearly a century of U.S. stock market data, identifying all instances where an industry's stock prices doubled or more within a two-year period.