"Herding and Speculation in experimental asset markets" by...

"Herding and Speculation in experimental asset markets" by N.Smith 2011 and
"Multidimensional uncertainty and herd behavior in financial
markets" by Avery and Zemsky 1998 are well worth a read.

The jist of the argument is that when asset prices diverge from an established fundamental value, traders/investors tend to move in the direction of observed prices, ie. they rely on others to dictate what the fundamental value of the asset is, viz. if prices are being jacked up, new investors will start to believe that the higher prices now represent the fundamental value... it's a bubble dynamic, with the blind leading the blind, with market participants hoping that others buying at the higher prices are doing so on a rational basis.

Don't ever listen to brokers (like Credit Suisse), on the way up, they'll be like "Buy Buy, this is a blue chip in the making, massive shale assets, big dividends to come, Bondy is a smart operator... etc", On the way down, they'll be like "Sell Sell, it's a dog"... meanwhile collecting comms either way.