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Speculators and Middlemen : The Strategy and Performance of Investors in the Housing Market

Bayer, Patrick J. - 2011

Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on...

Persistent link: https://www.econbiz.de/10013130258

Monetary Science, Fiscal Alchemy

Leeper, Eric M. - 2010

macroeconomic impacts: this is science. Fiscal policy choices, in contrast, spring from unsystematic speculation, grounded more in …

Persistent link: https://www.econbiz.de/10013136545

Bubbles, Fads, and Stock Price Volatility Tests : a Partial Evaluation

West, Kenneth D. - 2010

This is a summary and interpretation of some of the literature on stock price volatility that was stimulated by Leroy and Porter (1981) and Shiller (1981a). It appears that neither small sample bias, rational bubbles nor some standard models for expected returns adequately explain stock price...

Persistent link: https://www.econbiz.de/10013141042

Speculation and Risk Sharing with New Financial Assets

Simsek, Alp - 2011

disagreements about these assets naturally lead to speculation, which represents a powerful economic force in the opposite direction … the speculation forces are present. I consider this question in a standard mean-variance framework. Financial assets … provide hedging services but they are also subject to speculation because traders do not necessarily agree about their payoffs …

Persistent link: https://www.econbiz.de/10013119601

Financial Literacy, Retirement Planning, and Household Wealth

van Rooij, Maarten - 2011

There is ample empirical evidence documenting widespread financial illiteracy and limited pension knowledge. At the same time, the distribution of wealth is widely dispersed and many workers arrive on the verge of retirement with few or no personal assets. In this paper, we investigate the...

Persistent link: https://www.econbiz.de/10013121050

Speculative Betas

Hong, Harrison G. - 2012

We provide a model for why high beta assets are more prone to speculative overpricing than low beta ones. When investors disagree about the common factor of cash-flows, high beta assets are more sensitive to this macro-disagreement and experience a greater divergence-of-opinion about their...

Persistent link: https://www.econbiz.de/10013097774

Bubbles, Food Prices, and Speculation : Evidence from the Cftc's Daily Large Trader Data Files

Aulerich, Nicole - 2013

The "Masters Hypothesis" is the claim that unprecedented buying pressure from new financial index investors created a massive bubble in agricultural futures prices at various times in recent years. This paper analyzes the market impact of financial index investment in agricultural futures...

Persistent link: https://www.econbiz.de/10013081510

The Simple Economics of Commodity Price Speculation

Knittel, Christopher R. - 2013

crude oil, but our approach can be appliedto other commodities. We explain the meaning of "oil price speculation," how it …). Turningto the data, we calculate counterfactual prices that would have occurred from 1999 to 2012 in the absenceof speculation … commodity. It lets us determine whether speculation is consistentwith data on production, consumption, inventory changes, and …

Persistent link: https://www.econbiz.de/10013083410

Speculative Runs on Interest Rate Pegs

Bassetto, Marco - 2013

We analyze a new class of equilibria that emerges when a central bank conducts monetary policy by setting an interest rate (as an arbitrary function of its available information) and letting the private sector set the quantity traded. These equilibria involve a run on the central bank's interest...

Persistent link: https://www.econbiz.de/10013085500

A Nation of Gamblers : Real Estate Speculation and American History

Glaeser, Edward L. - 2013

The great housing convulsion that buffeted America between 2000 and 2010 has historical precedents, from the frontier land boom of the 1790s to the skyscraper craze of the 1920s. But this time was different. There was far less real uncertainty about fundamental economic and geographic trends,...

Persistent link: https://www.econbiz.de/10013086304