Financialization and Speculative Bubbles - International Evidence
نویسندگان
چکیده
منابع مشابه
Overconfidence and Speculative Bubbles∗
Motivated by the behavior of asset prices, trading volume and price volatility during historical episodes of asset price bubbles, we present a continuous time equilibrium model where overconfidence generates disagreements among agents regarding asset fundamentals. With short-sale constraints, an asset owner has an option to sell the asset to other overconfident agents when they have more optimi...
متن کاملAsset Float and Speculative Bubbles
We model the relationship between asset float (tradeable shares) and speculative bubbles. Investors with heterogeneous beliefs and short-sales constraints trade a stock with limited float because of insider lockups. A bubble arises as price overweighs optimists’ beliefs and investors anticipate the option to resell to those with even higher valuations. The bubble’s size depends on float as inve...
متن کاملSpeculative Bubbles and Financial Crisis
Why are asset prices so much more volatile and so often detached from their fundamental values? Why does the bursting of nancial bubbles depress the real economy? This paper addresses these questions by constructing an in nite-horizon heterogeneous agent general equilibrium model with speculative bubbles. We characterize conditions under which storable goods, regardless of their intrinsic valu...
متن کاملArtificial Agents and Speculative Bubbles
Pertaining to Agent-based Computational Economics (ACE), this work presents two models for the rise and downfall of speculative bubbles through an exchange price fixing based on a double auction mechanism. The first model is based in a finite time horizon context where total expected dividends decrease along with time. The second model follows the greater fool hypothesis: an agent behaviour dep...
متن کاملOn Testing for Speculative Bubbles
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2016
ISSN: 1556-5068
DOI: 10.2139/ssrn.2899960