Based on the rational bubbles theory，this study examines the determinants of asset bubbles by using the panel data Logit model and the data of 20 Economies dated from 2000 to 2015. The results suggest that trading volume and price volatility are significantly positive determinants of asset bubbles with the full sample. However，the explainable power of trading volume disappears during the period of severe equity bub- bles. The results also reveal that monetary policy is a determinant of asset bubbles. Credit and its lag term are the two important variables that drive asset bubbles. Besides，this paper investigates the effect of the institu- tional variables on the occurrence of equity bubbles. The results suggest that equity bubbles are more likely to occur in the country with common law system，low protection on small investors，high transparency of govern- ment and free arbitrage. These results are confirmed by the robustness checks.