Speculation, money supply and price indeterminacy in financial markets: An experimental study

Shinichi Hirota, Juergen Huber, Thomas Stöckl, Shyam Sunder*

*この研究の対応する著者

研究成果: Article査読

1 被引用数 (Scopus)

抄録

To explore how speculative trading influences prices in financial markets, we conduct a laboratory market experiment with speculating investors (who do not collect dividends and trade only for capital gains) and dividend-collecting investors. Moreover, we operate markets at two different levels of money supply. We find that in phases with only speculating investors present (i) price deviations from fundamentals are larger; (ii) prices are more volatile; (iii) mispricing increases with the number of transfers until maturity; and (iv) speculative trading pushes prices upward (downward) when the supply of money is high (low). These results suggest that controlling the money supply can help to stabilize asset prices.

本文言語English
ジャーナルJournal of Economic Behavior and Organization
DOI
出版ステータスAccepted/In press - 2020

ASJC Scopus subject areas

  • 経済学、計量経済学
  • 組織的行動および人的資源管理

フィンガープリント

「Speculation, money supply and price indeterminacy in financial markets: An experimental study」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル