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Author: Erik F. Gerding Publisher: ISBN: Category : Languages : en Pages : 63
Book Description
This article analyzes the effectiveness of proposed and actual securities, financial, and tax laws designed to prevent, or dampen the severity of asset price bubbles, including laws designed to mitigate excessive speculation. The article employs experimental asset market research to measure the effectiveness of these anti-bubble laws in correcting mispricings. Experimental asset markets represent complex simulations of stock markets in which subjects trade securities over a computer network. These markets allow scholars to test causal links between legal policies and market effects in ways that empirical research alone cannot. With these virtual markets, researchers can identify asset price bubbles - when prices of assets diverge from fundamental values - with a certainty that is beyond the capacity of empirical studies.The article places anti-bubble laws in the following template, which maps onto microeconomic (including behavioral finance) and macroeconomic research on bubble formation:(1) laws that aim to provide information to investors on fundamental value of assets: these laws require enhanced disclosure or investor education either to focus investor attention on information on fundamental value rather than noise or to remedy information asymmetries that lead to asset mispricing; (2) laws that attempt to short circuit positive feedback loops: these anti-bubble laws attempt to dampen the positive feedback created when investors chase rising asset prices and include transaction taxes, circuit breakers and laws that attempt to restrict access of investors to certain markets or channel less sophisticated investors to less risky assets; (3) removal of legal restrictions on arbitrage; and (4) laws that restrict credit to investors to curb speculation (e.g., margin regulations). Experimental (and empirical) evidence suggests the effectiveness of many laws in eliminating bubbles is weak. This article argues for greater use of experimental asset market research in corporate and securities law scholarship and provides a model for an analysis of the validity of experimental results.
Author: Erik F. Gerding Publisher: ISBN: Category : Languages : en Pages : 63
Book Description
This article analyzes the effectiveness of proposed and actual securities, financial, and tax laws designed to prevent, or dampen the severity of asset price bubbles, including laws designed to mitigate excessive speculation. The article employs experimental asset market research to measure the effectiveness of these anti-bubble laws in correcting mispricings. Experimental asset markets represent complex simulations of stock markets in which subjects trade securities over a computer network. These markets allow scholars to test causal links between legal policies and market effects in ways that empirical research alone cannot. With these virtual markets, researchers can identify asset price bubbles - when prices of assets diverge from fundamental values - with a certainty that is beyond the capacity of empirical studies.The article places anti-bubble laws in the following template, which maps onto microeconomic (including behavioral finance) and macroeconomic research on bubble formation:(1) laws that aim to provide information to investors on fundamental value of assets: these laws require enhanced disclosure or investor education either to focus investor attention on information on fundamental value rather than noise or to remedy information asymmetries that lead to asset mispricing; (2) laws that attempt to short circuit positive feedback loops: these anti-bubble laws attempt to dampen the positive feedback created when investors chase rising asset prices and include transaction taxes, circuit breakers and laws that attempt to restrict access of investors to certain markets or channel less sophisticated investors to less risky assets; (3) removal of legal restrictions on arbitrage; and (4) laws that restrict credit to investors to curb speculation (e.g., margin regulations). Experimental (and empirical) evidence suggests the effectiveness of many laws in eliminating bubbles is weak. This article argues for greater use of experimental asset market research in corporate and securities law scholarship and provides a model for an analysis of the validity of experimental results.
Author: Erik F. Gerding Publisher: Routledge ISBN: 1134642695 Category : Business & Economics Languages : en Pages : 560
Book Description
Financial regulation can fail when it is needed the most. The dynamics of asset price bubbles weaken financial regulation just as financial markets begin to overheat and the risk of crisis spikes. At the same time, the failure of financial regulations adds further fuel to a bubble. This book examines the interaction of bubbles and financial regulation. It explores the ways in which bubbles lead to the failure of financial regulation by outlining five dynamics, which it collectively labels the "Regulatory Instability Hypothesis." . The book concludes by outlining approaches to make financial regulation more resilient to these dynamics that undermine law.
Author: Erik Gerding Publisher: Routledge ISBN: 1134642768 Category : Business & Economics Languages : en Pages : 654
Book Description
Financial regulation can fail when it is needed the most. The dynamics of asset price bubbles weaken financial regulation just as financial markets begin to overheat and the risk of crisis spikes. At the same time, the failure of financial regulations adds further fuel to a bubble. This book examines the interaction of bubbles and financial regulation. It explores the ways in which bubbles lead to the failure of financial regulation by outlining five dynamics, which it collectively labels the "Regulatory Instability Hypothesis." . The book concludes by outlining approaches to make financial regulation more resilient to these dynamics that undermine law.
Author: William Quinn Publisher: Cambridge University Press ISBN: 1108369359 Category : Business & Economics Languages : en Pages : 297
Book Description
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
Author: José A. Scheinkman Publisher: Columbia University Press ISBN: 0231537638 Category : Business & Economics Languages : en Pages : 137
Book Description
As long as there have been financial markets, there have been bubbles—those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book José A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles—such as the rise in trading volume and the coincidence between increases in supply and bubble implosions—Scheinkman offers a model, based on differences in beliefs among investors, that explains these observations. Other top economists also offer their own thoughts on the issue: Sanford J. Grossman and Patrick Bolton expand on Scheinkman's discussion by looking at factors that contribute to bubbles—such as excessive leverage, overconfidence, mania, and panic in speculative markets—and Kenneth J. Arrow and Joseph E. Stiglitz contextualize Scheinkman's findings.
Author: Ross B Emmett Publisher: Taylor & Francis ISBN: 1040243436 Category : Business & Economics Languages : en Pages : 228
Book Description
Periods of euphoria followed by sudden crashes are a familiar phenomenon in economics. Such events have become known as "bubbles". These volumes bring together writings on such phenomena - with works centering upon some of the more colourful examples.
Author: Adolphe Thiers Publisher: BoD – Books on Demand ISBN: 3382326574 Category : Fiction Languages : en Pages : 342
Book Description
Reprint of the original, first published in 1859. The publishing house Anatiposi publishes historical books as reprints. Due to their age, these books may have missing pages or inferior quality. Our aim is to preserve these books and make them available to the public so that they do not get lost.
Author: Nickelodeon Publishing Publisher: Nickelodeon Publishing ISBN: 1612630588 Category : Juvenile Fiction Languages : en Pages : 51
Book Description
SpongeBob was out bubble blowing one morning when suddenly he tripped over some kelp, bumped his head, and blacked out! When he awoke, he couldn't remember his name or where he lived! While SpongeBob searches for his lost identity, Patrick and Sandy set out to find their best friend. Imagine their shock when they discover he's been elected mayor of New Kelp City!
Author: Raj P. Chhabra Publisher: CRC Press ISBN: 0429522878 Category : Science Languages : en Pages : 733
Book Description
Provides thorough coverage of the scientific foundations and the latest advances in particle motion in non-Newtonian media. Proveds a new detailed section on the effect of confinement on heat transfer from bluff-bodies Demonstrates how dynamic behavior of single particles can yield useful information for modeling transport processes in complex multiphase flows. Addresses heat transfer in viscoplastic fluids throughout the entire book. Highlights qualitative differences between the response of a Newtonian and non-Newtonian fluids in the complex flows encountered in processing applications
Author: R.P. Chhabra Publisher: CRC Press ISBN: 1420015389 Category : Science Languages : en Pages : 801
Book Description
Bubbles, Drops, and Particles in Non-Newtonian Fluids, Second Edition continues to provide thorough coverage of the scientific foundations and the latest advances in particle motion in non-Newtonian media. The book demonstrates how dynamic behavior of single particles can yield useful information for modeling transport processes in complex multipha
Author: Erik F. Gerding
Author: Erik F. Gerding
Author: Erik F. Gerding
Author: Erik Gerding
Author: William Quinn
Author: José A. Scheinkman
Author: Ross B Emmett
Author: Adolphe Thiers
Author: Nickelodeon Publishing
Author: Raj P. Chhabra
Author: R.P. Chhabra