. The theory predicts that asset prices carry a speculative premium that reflects the asset's marketability and depends on … anomalous. The theory also exhibits rational expectations equilibria with recurring belief driven events that resemble liquidity …

Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating … and efficiency across society as a whole. Agency-cost theory recognizes that incentive conflicts and coordination problems …

more bank mergers are subjected to higher interest rates, diminished local construction, lower prices, an influx of poorer … findings using state branching deregulation to instrument for bank competition …

also suggests that speculation is unlikely to insure rational valuations, since similar problems of identification plague …

I review the literature on financial speculation driven by belief disagreements from a macro- economics perspective. To …-selling constraints, speculation can generate over- valuation and speculative bubbles. Leverage can substantially inflate speculative …, speculation induces pro- cyclical asset valuation. When speculation affects the price of aggregate assets, it also influences …