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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
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Speculative Dynamics and the Role of Feedback Traders
Cutler, David M. - 2008
whether profitable speculation stabilizes asset markets …
Persistent link: https://www.econbiz.de/10012774661
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Advisors and Asset Prices : A Model of the Origins of Bubbles
Scheinkman, José - 2007
We develop a model of asset price bubbles based on the communication process between advisors and investors. Advisors are well-intentioned and want to maximize the welfare of their advisees (like a parent treats a child). But only some advisors understand the new technology (the tech-savvies);...
Persistent link: https://www.econbiz.de/10012775799
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Sensation Seeking, Overconfidence, and Trading Activity
Grinblatt, Mark - 2006
This study analyzes the role that two psychological attributes%u2014sensation seeking and overconfidence%u2014play in the tendency of investors to trade stocks. Equity trading data are combined with data from an investor%u2019s tax filings, driving record, and psychological profile. We use the...
Persistent link: https://www.econbiz.de/10012780129
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Herd on the Street : Informational Inefficiencies in a Market with Short-Term Speculation
Froot, Kenneth - 2001
Standard models of informed speculation suggest that traders try to learn information that others do not have. This …
Persistent link: https://www.econbiz.de/10012787681
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Leverage-Induced Fire Sales and Stock Market Crashes
Bian, Jiangze - 2018
We provide direct evidence of leverage-induced fire sales contributing to a market crash using account-level trading data for brokerage- and shadow-financed margin accounts during the Chinese stock market crash of 2015. Margin investors heavily sell their holdings when their account-level...
Persistent link: https://www.econbiz.de/10012911095
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Speculative Dynamics of Prices and Volume
DeFusco, Anthony - 2018
volume came from the rise and fall in short-term speculation. Cities with larger speculative booms have larger price cycles …
Persistent link: https://www.econbiz.de/10012933890
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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
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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
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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