| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16784 |
| 来源ID | Working Paper 16784 |
| Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market | |
| Patrick Bayer; Christopher Geissler; Kyle Mangum; James W. Roberts | |
| 发表日期 | 2011-02-10 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on investor behavior that is consistent with several rationales for speculative investment in the finance literature, including the roles of middlemen and naïve speculators. Speculative activity by novice investors increased sharply in the recent housing boom. These investors earned little more than the market rate of appreciation and demonstrated no ability to foresee market price movements. |
| 主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Financial Markets ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; Subnational Fiscal Issues ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w16784 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574459 |
| 推荐引用方式 GB/T 7714 | Patrick Bayer,Christopher Geissler,Kyle Mangum,et al. Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16784.pdf（651KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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