We examine the effect of low interest rates on bond portfolio and market allocations by all institutional investors and households across all bond types in Germany at the security-level for 2005-2016. We find that―in contrast to banks―non-banks tilt bond portfolios significantly towards...

We propose an empirically motivated financial market model in which speculators rely on trend-following, contrarian and fundamental trading rules to determine their orders. Speculators' probabilistic rule-selection behavior - the only type of randomness in our model - depends on past and future...