## 1 Introduction  
The traditional economic and financial perspective, grounded in the theory of efficient markets (EMH), posits that financial assets such as stocks or bonds should reflect their economic or fundamental value in their market prices. Accordingly, in a market with rational agents and frictionless conditions, the price of a financial asset should incorporate all the available information regarding the asset [1]. Under these conditions, asset price levels should not deviate from their present value relationships, and price bubbles--understood as deviations of market value from an asset's intrinsic or fundamental value--should not be observed, especially in assets such as stocks and bonds. However, the persistent failure of present-value models to explain price bubbles throughout history led practitioners and academics to develop models of price bubbles [2]. The literature that studies the occurrence of price bubbles from a behavioral finance standpoint can be categorized into two main perspectives: the limited arbitrage view and the bounded rationality stance. The first posits that professional arbitrageurs--those who possess rational expectations and make decisions based on the fundamentals of financial assets--will not be able to eliminate the errors made by unsophisticated investors or noise traders; consequently, mispricing in financial assets persists [3; 4; 5]. The second perspective assumes that at least a segment of market agents is not entirely rational and, therefore, suffers from bounded rationality. This condition prevents them from making rational decisions due to their limited cognitive resources, time, and information. Furthermore, in the context of stock markets, these agents may be subject to investor sentiment [3; 6]. This trait is understood as erroneous beliefs about future cash flows and risks. This condition can negatively impact the quality of investors' decision-making, as they tend to make emotional decisions rather than rational ones [7]. As a consequence of the above, the simultaneous effect of investors' sentiment and bounded rationality, in conjunction with heterogeneous belief formation and herd behavior, provoke financial markets to exhibit substantial price and trading volume fluctuations, as well as underreactions and overreactions in asset prices that could generate price bubbles [5; 8]. The EMH asserts that returns are unpredictable and that bubbles are not feasible. However, ref. [9] suggests that the argument behind the EMH is invalid because it ignores the agents' psychology and interactions at the origin of price fluctuations. Additionally, the theoretical literature outlines the conditions under which market price deviations from fundamentals and specific predictability windows in returns are likely to occur. Factors related to momentum trading, trend-chasing, herding, and agents' traits, such as animal spirits, fads, fashions, and overconfidence, may lead to positive feedback loops. Consequently, under such conditions, psychological and behavioral elements of stock price determination may render stock returns predictable, at least in pockets of predictability associated with the end of bubble episodes or regime changes [10]. Economic openness and financial integration have fostered increased interconnectedness in financial markets, expanding capital markets with global economic growth. This evolution created a global financial market with complex system characteristics marked by cross-border interdependencies, in which shocks often escalate into international events due to herding, social imitation, and positive feedback, causing abrupt price changes, high volume of transactions, return synchronization, high volatility, and price bubbles [11]. As seen during the Great Financial Crisis of 2008-2009, these effects can persist long after the initial shock, drastically altering stock price patterns [12].