The paper investigates the role of speculation in the Liverpool cotton futures market between 1921 and 1929. The … analysis is based on historical descriptions of the working of speculation in commodity markets and is related to the tenets of …

Inspired by the theory of social imitation (Weidlich 1970) and its adaptation to financial markets by the Coherent … our dynamic stock price model, we develop a two factor general equilibrium model for pricing derivative securities. The … two factors of our model are the stock price and a market polarization variable which determines the level of overreaction …

as bull and bear market dynamics and excess volatility. -- Heterogeneous interacting agents ; Bull and bear market …

-post and ex-ante types), of cancellation fees and of transaction taxes on asset price volatility and on the occurrence and …, the introduction of an ex-ante circuit breaker markedly reduces price volatility and removes flash crashes. In contrast … price fluctuations. In addition, high-frequency traders employ low-latency directional strategies that exploit market …

International financial markets are said to be excessively volatile due to destabilizing speculation and excessive … liquidity, which minimizes excess volatility. There are two effects when imposing a transactions tax. Both reduce excess … volatility in highly speculative markets when tax rates are small. The total tax effect then is unambiguous. However, in illiquid …

funds and swap dealers cause price changes or volatility. We find little evidence that speculators destabilize financial … markets. To the contrary, speculative trading activity largely reacts to market conditions and reduces volatility levels …