Why do some technologies lead to speculation while others do not? Why were there speculative bubbles in the stocks of early radio manufacturers and broadcasters, "airplane" and airline manufacturers, Internet stores, electronics manufacturers, electric car manufacturers, and transcontinental railroads, but not in the stocks of manufacturers of lasers, Northeastern railroads, antibiotics, nylon, rayon, cellophane, or televisions? Our proposed work aims to correct an important methodological flaw in current studies of speculative crises: it is not possible to identify the causes of bubbles by examining a single case, nor is it possible to identify bubbles based on an analysis of bubbles throughout history. Instead, we need to consider the cases in which there were and were not bubbles. Identifying causal factors requires (i) a sampling strategy that includes episodes of financial euphoria and periods of relative calm and (ii) identifying assets that are at similar risk of triggering such speculative episodes. In this article we develop an inventory of technological innovations that ex post have proven to be of considerable economic importance. Our initial findings are that bubbles appear under four important conditions. First, in line with previous research (see especially Kindleberger, 2005), there must be easy access to credit. Bubbles are rare when interest rates are high. Second, as widely argued in financial economics and the general economics literature, assets that serve as hotbeds of speculative behavior possess high levels of commercial and technological uncertainty (see Baker & Wurgler, 2007). . The results we observe are consistent with the theoretical conclusion that uncertain opportunities can justify high prices due to their high opt… middle of paper… or through existing historical accounts. Through our pilot study, we demonstrated the variance in the formation of asset bubbles related to the introduction of significant new technologies. Although we find general support for our predictions, the current stage of this work is rudimentary: there is still much work to be done. In addition to contributing to an important stream of research, this research has broad implications for public and private policy makers. The pervasive influence of asset bubbles on resource allocation suggests the need for a greater understanding of the causes of these episodes. While entrepreneurs and investors may want to leverage this knowledge to more effectively mobilize capital to support innovation, regulators and other public authorities need to understand and monitor the mechanisms that can lead to destructive financial events..