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Recreating the South Sea bubble : lessons from an experiment in financial history
Giusti, Giovanni; Noussair, Charles; Voth, Hans-Joachim - 2014
Major bubble episodes are rare events. In this paper, we examine what factors might cause some asset price bubbles to …
Persistent link: https://www.econbiz.de/10010359796
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Riding the bubble or taken for a ride? : investors in the British bicycle mania
Quinn, William; Turner, John D. - 2021
Clientele-based theories explaining asset price bubbles are often difficult to test because the identities of investors …
Persistent link: https://www.econbiz.de/10012656998
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Does credit affect stock trading? : evidence from the South Sea Bubble
Braggion, Fabio; Frehen, Rik; Jerphanion, Emiel - 2020
Persistent link: https://www.econbiz.de/10012219022
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Leverage and beliefs : personal experience and risk taking in margin lending
Koudijs, Peter; Voth, Hans-Joachim - 2014
What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndicate speculating in Amsterdam in 1772 went...
Persistent link: https://www.econbiz.de/10010359782
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The anatomy of a bubble company : the London Assurance in 1720
Acheson, Graeme G.; Aldous, Michael; Quinn, William - 2022
Research on the financial events of 1720 in Britain has overwhelmingly focused on the South Sea Company, but price movements were much more dramatic in the shares of the newly incorporated London Assurance (LA) Company. This paper uses unique archival material on the London Assurance to address...
Persistent link: https://www.econbiz.de/10013256339
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Limitations of stabilizing effects of fundamentalists : facing positive feedback traders
Baumann, Michael; Baumann, Michaela; Erler, Alexander - 2019
calculations, they analytically prove that the presence of fundamentalists is not sufficient to avoid asset price bubbles. The …
Persistent link: https://www.econbiz.de/10011963816
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Thar she blows again : reducing anchoring rekindles bubbles
Baghestanian, Sascha; Walker, Todd B. - 2014
We investigate the relationship between anchoring and the emergence of bubbles in experimental asset markets. We show … significantly reduce bubbles in laboratory asset markets. If no FV-anchor is set, bubble-crash patterns emerge. Our results indicate … that bubbles in laboratory environments are primarily sparked in the first period. If prices are initiated around the FV …
Persistent link: https://www.econbiz.de/10010365125
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Anchoring in experimental asset markets
Baghestanian, Sascha; Walker, Todd B. - 2015
We investigate the relationship between anchoring and the emergence of bubbles in experimental asset markets. We show … significantly reduce bubbles in laboratory asset markets. If no FV-anchor is set, bubble-crash patterns emerge. Our results indicate … that bubbles in laboratory environments are primarily sparked in the first period. If prices are initiated around the FV …
Persistent link: https://www.econbiz.de/10012061107
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Does mood affect trading behavior?
Kaustia, Markku; Rantapuska, Elias - 2012
We test whether investor mood affects trading with data on all stock market transactions in Finland, utilizing variation in daylight and local weather. We find some evidence that environmental mood variables (local weather, length of day, daylight saving and lunar phase) affect investors'...
Persistent link: https://www.econbiz.de/10010226190
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Can the greater fool theory explain bubbles? : evidence from China
Zou, Xuan - 2018
, attracted by soaring stock prices and the intensive trading activities of others, drove the Chinese stock market bubbles in 2007 … and 2015, supporting the Greater Fool theory of bubbles. The inexperienced and naive new investors appear more likely to …
Persistent link: https://www.econbiz.de/10011893651