. In particular the relationship between speculation and price volatility on the one side, and the linkage between … excessive speculation and price volatility on the other side, is carefully examined with the scope to establish whether … volatility drives speculation or speculation drives price volatility, or whether there are no linkages between the two variables …

and herding among investors on the price bubble and excess return volatility. There are two classes of analysts one of …We construct a general equilibrium “disagreement with herding” model to identify the joint effect of the disagreement … toward the other's opinion. As a consequence of the combinational dynamics of the disagreement and herding, the price bubble …

We derive microscopic foundations for a well-known probabilistic herding model in the agent-based finance literature …