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Asset Price Fluctuations, Financial Crises and the Stabilizing Effects of a General Transaction Tax
Schulmeister, Stephan - 2009
The deepening of the recent crisis was driven by the simultaneous devaluation of stock wealth, housing wealth and commodity wealth. The potential for this devaluation process had been "built up" during the boom of stock prices, house prices and commodity prices between 2003 and 2007. Hence, this...
Persistent link: https://www.econbiz.de/10011435285
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Bubbles and Experience: An Experiment on Speculation
Dufwenberg, Martin; Lindqvist, Tobias; Moore, Evan - 2003
We investigate experimentally how the share of experienced traders in double-auction asset markets affects trading, in particular the occurrence of bubble-crash pricing patterns. In each session, six subjects trade in three successive market rounds and gain experience. In a fourth round,...
Persistent link: https://www.econbiz.de/10010320151
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Why do firms engage in selective hedging?
Adam, Tim R.; Fernando, Chitru S.; Salas, Jesus M. - 2012
Surveys of corporate risk management document that selective hedging, where managers incorporate their market views into firms' hedging programs, is widespread in the U.S. and other countries. Stulz (1996) argues that selective hedging could enhance the value of firms that possess an information...
Persistent link: https://www.econbiz.de/10010281517
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Managerial overconfidence and corporate risk management
Adam, Tim R.; Fernando, Chitru S.; Golubeva, Evgenia - 2012
We show that managerial overconfidence, which has been found to influence a number of corporate financial decisions, also affects corporate risk management. We find that managers increase their speculative activities using derivatives following speculative gains, while they do not reduce their...
Persistent link: https://www.econbiz.de/10010281528
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What explains global exchange rate movements during the financial crisis?
Fratzscher, Marcel - 2009
A striking and unexpected feature of the financial crisis has been the sharp appreciation of the US dollar against virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have triggered a significant strengthening of the US dollar,...
Persistent link: https://www.econbiz.de/10011605106
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Finanzkrise: die Rolle der Rechnungslegung
Gassen, Joachim - In: Vierteljahrshefte zur Wirtschaftsforschung 78 (2009) 1, pp. 83-95
Eine der wesentlichen Gründe für das Entstehen und den Verlauf der Finanzkrise dürfte in der Intransparenz moderner … Bewertungs- und/oder die Koordinationsfunktion der Rechnungslegung mit dem Verlauf der Finanzkrise in Verbindung gebracht werden …
Persistent link: https://www.econbiz.de/10010377867
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Contagion and the beginning of the crisis - Pre-Lehman period
Király, Júlia; Nagy, Márton; Szabó, Viktor E. - 2008
This paper provides an overview of the antecedents, main drivers and spillover mechanisms of the turbulence emanating from the US sub-prime credit market in the summer of 2007. Its primary goal is to discuss the facts and interrelationships featured in the various analyses and statistics in a...
Persistent link: https://www.econbiz.de/10010322410
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Global food price volatility and spikes: An overview of costs, causes, and solutions
von Braun, Joachim; Tadesse, Getaw - 2012
from the supply side, biofuel production from the demand side, and speculation in commodity futures from the market side … speculation in commodity futures are not yet well understood. However, speculative trading in commodity futures should not be … nonmarket contexts that guide the behavioral and strategic choices of speculators. Whereas speculation caused by manipulative …
Persistent link: https://www.econbiz.de/10010323663
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Speculation in Standard Auctions with Resale
Garratt, Rod; Tröger, Thomas - 2005
In standard auctions with symmetric, independent private value bidders resale creates a role for a speculator - a bidder who is commonly known to have no use value for the good on sale. For second-price and English auctions the efficient value-bidding equilibrium coexists with a continuum of...
Persistent link: https://www.econbiz.de/10010263133
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Investigating nonlinear speculation in cattle, corn, and hog futures markets using logistic smooth transition regression models
Röthig, Andreas; Chiarella, Carl - 2006
This article explores nonlinearities in the response of speculators' trading activity to price changes in live cattle, corn, and lean hog futures markets. Analyzing weekly data from March 4, 1997 to December 27, 2005, we reject linearity in all of these markets. Using smooth transition...
Persistent link: https://www.econbiz.de/10010266873