Technical/academic term for frothy

I can appreciate the visceral clarity of the term "frothy," it’s a pretty easy to understand phrase and is suitable for most audiences. However, for extremely formal situations/publications, I feel that a substitute is appropriate. The trouble is, I can’t really think of one.

For ease of reference, here is investopedia’s definition:

A frothy market is one where investors begin to ignore market
fundamentals and bid up an asset’s price beyond what the asset is
objectively worth. Froth in the marketplace is often characterized by
overconfident investors and is a sign that investor behavior and
investment decisions are being driven by emotions.

Question

Is there a formal / academic equivalent of "frothy," and if not what is likely my next best solution (phrasal or otherwise)?