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The bubble is a controversial and important issue. Many methods which basedon the rational expectation have been proposed to detect the bubble. However,for some developing countries, epically China, the asset markets are so youngthat for many companies, there are no dividends and fundamental value, makingit difficult (if not impossible) to measure the bubbles by existing methods.Therefore, we proposed a simple but effective statistical method and threestatistics (that is, C, U, V) to capture and quantify asset price bubbles,especially in immature emerging markets. To present a clear example of theapplication of this method to real world problems, we also applied our methodto re-examine empirically the asset price bubble in some stock markets. Ourmain contributions to current literature are as follows: firstly, this methoddoes not rely on fundamental value, the discount rates and dividends, thereforeis applicable to the immature markets without the sufficient data of suchkinds, secondly, this new method allows us to examine different influences(herding behavior, abnormal fluctuation and composite influence) of bubble. Ournew statistical approach is, to the best of our knowledge, the only robust wayin existing literature to to quantify the asset price bubble especially inemerging markets.

The asset price bubbles in emerging financial markets: a new statistical approach