Essays On Bubbles And Crashes In Experimental Asset Markets
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Essays On Bubbles And Crashes In Experimental Asset Markets
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Author : Kun Zhang
language : en
Publisher:
Release Date : 2015
Essays On Bubbles And Crashes In Experimental Asset Markets written by Kun Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Essays On Bubbles And Crashes In Experimental Asset Markets
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Author : Kun Zhang (Ph.D.)
language : en
Publisher:
Release Date : 2015
Essays On Bubbles And Crashes In Experimental Asset Markets written by Kun Zhang (Ph.D.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Asset-liability management categories.
The main result is that team decision-making does not result in smaller price bubbles. However team decision-making result in less variance among markets (sessions). Further more, my experimental design allows us to record the chat dialogues, which enable us to have insight into team decision-making. The content of the messages allows us explore the reasons behind traders' asks and bids.
Bubbles And Crashes In Experimental Asset Markets
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Author : Stefan Palan
language : en
Publisher:
Release Date : 2009-10-02
Bubbles And Crashes In Experimental Asset Markets written by Stefan Palan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-02 with Capital market categories.
This book describes a laboratory experiment designed to test the causes and properties of bubbles in financial markets and explores the question whether it is possible to design markets which avoid such bubbles and crashes. In the experiment, subjects were given the opportunity to trade in a stock market modeled after the seminal work of Smith et al. (1988). To account for the increasing importance of online betting sites, subjects were also allowed to trade in a digital option market. The outcomes shed new light on how subjects form and update their expectations, placing special emphasis on the bounded rationality of investors. Various analytical bubble measures found in the literature are collected, calculated, classified and presented for the first time. The very interesting new bubble measures "Dispersion Ratio", "Overpriced Transactions" and "Underpriced Transactions" are developed, making the book an important step towards the research goal of preventing bubbles and crashes in financial markets. In addition, the book formulates concrete new research hypotheses for future studies.
Wir Unterzeichnete Vereinigen Uns Gemeinschaftlich Daf R Zu Wirken Da Die Bei Der Ersten Lesung Angenommenen Grundlagen Und Consequenzen Des Deutschen Bundesstaates
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Author :
language : en
Publisher:
Release Date : 1848
Wir Unterzeichnete Vereinigen Uns Gemeinschaftlich Daf R Zu Wirken Da Die Bei Der Ersten Lesung Angenommenen Grundlagen Und Consequenzen Des Deutschen Bundesstaates written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1848 with categories.
Bubbles In Experimental Asset Markets
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Author : Lucy F. Ackert
language : en
Publisher:
Release Date : 2015
Bubbles In Experimental Asset Markets written by Lucy F. Ackert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The robustness of bubbles and crashes in markets for finitely lived assets is perplexing. This paper reports the results of experimental asset markets in which participants trade two assets. In some markets, price bubbles form. In these markets, traders will pay even higher prices for the asset with lottery characteristics, i.e., a claim on a large, unlikely payoff. However, institutional design has a significant impact on deviations in prices from fundamental values, particularly for an asset with lottery characteristics. Price run-ups and crashes are moderated when traders finance purchases of the assets themselves and are allowed to short sell.
On Booms That Never Bust
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Author : Brice Corgnet
language : en
Publisher:
Release Date : 2018
On Booms That Never Bust written by Brice Corgnet and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Essays On Experimental Bubble Markets
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Author : Owen Raymond Powell
language : en
Publisher:
Release Date : 2010
Essays On Experimental Bubble Markets written by Owen Raymond Powell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Three Essays On Financial Crises
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Author : Dimitra Papadovasilaki
language : en
Publisher:
Release Date : 2016
Three Essays On Financial Crises written by Dimitra Papadovasilaki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Electronic books categories.
Chapter 1 - The effect of early and salient investment experiences on subsequent asset allocations: An experimental study. In this paper I examine the effect of early and salient experiences on asset allocation decisions using two experiments, and a third one as a robustness check. The first experiment assesses the impact of salient and early risky asset returns on subsequent investment decisions. The findings of the study show that subjects that experience a market bust early in the investment lifecycle invest less in risky assets compared to subjects that experience market booms, even when the asset return stream is identical over a twenty year investment period. In the second experiment I tried to isolate the saliency from the early timing of the boom and the bust effect, in order to examine which of the two matters the most. The results indicate that the “size” of a bust matters more than its timing. Results from the third experiment confirm the findings in experiments one and two. Chapter 2 - Revisiting the Stock Market Boom and Crash of 1927–1933. Did a speculative bubble cause the stock market crash of 1929? I study the price dynamics of 26 publicly traded companies in the New York Stock Exchange (NYSE) during the years 1927–1933 using daily data from the Wharton Research Data Service (WRDS) database and find evidence in support of a speculative bubble. Furthermore, evidence of high volatility in the volume of shares traded for these 26 companies strongly reinforces the hypothesis of a speculative bubble, as the standard deviation of the cyclical component of the number of shares traded increased significantly during the boom period and declined sharply after the crash. The transmission of price shocks took place from the prices of innovative companies to the prices of traditional companies. Companies in traditional sectors had their price peaks last, and were followers, suggesting financial contagion. These results are in line with the Kindleberger-Minsky hypothesis of technological displacement. Chapter 3 - A time series analysis on the endogeneity of financial cycles in five advanced countries: U.S., Germany, U.K., Japan, and France. The purpose of this study is to examine the connections between credit booms and asset price booms, in the U.S., Germany, U.K., Japan, and France with the use of the dataset assembled by (Schularick & Taylor, 2012). According to Minsky, and as explained by (Kindleberger & Aliber, 2011), financial booms may begin due to a technological displacement, that causes stock prices to be totally reassessed. The increase in the price of stocks causes credit to expand and the credit expansion further increases stock prices, leading to a self-fulfilling prophecy. We provide evidence in favor to Minsky’s hypothesis, something that contradicts the findings of (Schularick & Taylor, 2012).
Beliefs And Decision Making In Asset Markets
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Author : Yaron Lahav
language : en
Publisher:
Release Date : 2007
Beliefs And Decision Making In Asset Markets written by Yaron Lahav and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Advances In Experimental Markets
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Author : Timothy Cason
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Advances In Experimental Markets written by Timothy Cason and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Experimental methods are now a mainstream empirical methodology in economics. The papers in this volume represent some recent developments in research on experimental markets. The articles span a variety of topics related to experimental markets, including auctions, taxation, institutional differences, coordination in markets, and learning. Contributors to the volume include many of the most distinguished researchers in the area.