34:
1338:, the prototypical defensive investor is "one interested chiefly in safety plus freedom from bother". He adds that "some speculation is necessary and unavoidable, for, in many common-stock situations, there are substantial possibilities of both profit and loss, and the risks therein must be assumed by someone." Thus, many long-term investors, even those who buy and hold for decades, may be classified as speculators, excepting only the rare few who are primarily motivated by income or safety of principal and not eventually selling at a profit.
1352:
1657:(CFTC) has proposed regulations aimed at limiting speculation in futures markets by instituting position limits. The CFTC offers three basic elements for their regulatory framework: "the size (or levels) of the limits themselves; the exemptions from the limits (for example, hedged positions) and; the policy on aggregating accounts for purposes of applying the limits". The proposed position limits would apply to 28 physical commodities traded in various exchanges across the US.
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1508:, as initial rises in asset price attract new buyers and generate further inflation. The growth of the bubble is followed by a precipitous collapse fueled by the same phenomenon. Speculative bubbles are essentially social epidemics whose contagion is mediated by the structure of the market. Some economists link asset price movements within a bubble to fundamental economic factors such as cash flows and discount rates.
2424:, 22 May 2011. "The governments of Argentina, Brazil and Uruguay are drafting laws to curb acquisition by foreigners of extensive tracts of their fertile agricultural land. China, Egypt, Japan, South Korea, Saudi Arabia, India, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates are all buying or leasing fertile land in other countries where food is not always abundant, the Grain report says.
1492:. The winner's curse is, however, not very significant to markets with high liquidity for both buyers and sellers, as the auction for selling the product and the auction for buying the product occur simultaneously, and the two prices are separated only by a relatively small spread. That mechanism prevents the winner's curse phenomenon from causing mispricing to any degree greater than the spread.
1523:. As the Bursar of the Cambridge University King's College, he managed two investment funds, one of which, called Chest Fund, invested not only in the then 'emerging' market US stocks, but to a smaller extent periodically included commodity futures and foreign currencies (see Chua and Woodward, 1983). His fund was profitable almost every year, averaging 13% per year, even during the
1428:. This efficiency is difficult to achieve without speculators. Speculators take information and speculate on how it affects prices, producers and consumers, who may want to hedge their risks, needing counterparties if they could find each other without markets it certainly would happen as it would be cheaper. A very beneficial by-product of speculation for the economy is
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checking consumption so that the smaller supply will last longer. Producers encouraged by the high price further lessen the shortage by growing or importing to reduce the shortage. On the other side, when the price is higher than the speculators think the facts warrant, they sell. This reduces prices, encouraging consumption and exports and helping to reduce the surplus.
1447:. However, he might not want to do so because he is concerned that the price might fall too far by harvest time. By selling his crop in advance at a fixed price to a speculator, he can now hedge the price risk and plant the corn. Thus, speculators can increase production through their willingness to take on risk (not at the loss of profit).
2228:, p. 831: "In a setting in which speculation is not possible, bubbles and crashes are observed. The results suggest that the departures from fundamental values are not caused by the lack of common knowledge of rationality leading to speculation, but rather by behavior that itself exhibits elements of irrationality."
1632:(Defence of India Act, 1935). It included the ability to restrict or ban the trading in derivatives on food commodities. After achieving independence in 1947, India in the 1950s continued to struggle with feeding its population and the government increasingly restricted trading in food commodities. Just at the time the
1324:
defines a speculator as "a trader who does not hedge, but who trades with the objective of achieving profits through the successful anticipation of price movements". The agency emphasizes that speculators serve important market functions, but defines excessive speculation as harmful to the proper
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Let's consider some of the principles that explain the causes of shortages and surpluses and the role of speculators. When a harvest is too small to satisfy consumption at its normal rate, speculators come in, hoping to profit from the scarcity by buying. Their purchases raise the price, thereby
2426:
The study says
Cambodia, which receives aid from the World Food Programme, has leased rice fields to Qatar and Kuwait, while Uganda has granted concessions on its wheat and maize fields to Egypt, and interested parties from Saudi Arabia and the United Arab Emirates are making approaches to the
1459:
that do fundamental analysis "are far more likely than other investors to try to identify a firm's off-balance-sheet exposures" including "environmental or social liabilities present in a market or company but not explicitly accounted for in traditional numeric valuation or mainstream investor
1319:
from speculation and speculation from excessive speculation varies widely among pundits, legislators and academics. Some sources note that speculation is simply a higher-risk form of investment. Others define speculation more narrowly as positions not characterized as hedging. The
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was established in 1953, the government felt that derivative markets increased speculation, which led to increased food costs and price instabilities. In 1953 it finally prohibited options- and futures-trading altogether. The restrictions were not lifted until the 1980s.
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has long argued for the price-stabilizing role of speculators, who tend to even out "price-fluctuations due to changes in the conditions of demand or supply", by possessing "better than average foresight". This view was later echoed by the speculator
1504:. A bubble occurs when the price for an asset exceeds its intrinsic value by a significant margin, although not all bubbles occur due to speculation. Speculative bubbles are characterized by rapid market expansion driven by word-of-mouth
1298:
in 1867, which removed the need for traders to be physically present on the stock exchange floor, stock speculation underwent a dramatic expansion through the end of the 1920s. The number of shareholders increased, perhaps, from
1423:
speculator may profit from the difference in the spread and, in competition with other speculators, reduce the spread. Some schools of thought argue that speculators increase the liquidity in a market, and therefore promote an
1542:
in a market. Their provision of capital and information may help stabilize prices closer to their true values. On the other hand, crowd behavior and positive feedback loops in market participants may also increase volatility.
1535:(selling borrowed stocks or futures to profit from falling prices), which Keynes advocated among the principles of successful investment in his 1933 report: "a balanced investment position... and if possible, opposed risks".
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The economic disadvantages of speculation have resulted in a number of attempts over the years to introduce regulations and restrictions to try to limit or reduce the impact of speculators. States often enact such
1519:. But the situation is serious when enterprise becomes the bubble on a whirlpool of speculation. (1936:159)" Keynes himself enjoyed speculation to the fullest, running an early precursor of a
1664:, which deals with speculative investments of banks that do not benefit their customers. Passed on 21 January 2010, it states that those investments played a key role in the
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On the other hand, as more speculators participate in a market, underlying real demand and supply can diminish compared to trading volume, and prices may become distorted.
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1404:, had no speculators, only producers (hog farmers) and consumers (butchers, etc.) would participate. With fewer players in the market, there would be a larger
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2017:
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between the current bid and the asking price of pork bellies. Any new entrant in the market who wanted to trade pork bellies would be forced to accept this
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Speculators perform a risk-bearing role that can be beneficial to society. For example, a farmer might consider planting corn on unused
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on onions in the United States, after speculators successfully cornered the market in the mid-1950s; it remains in effect as of 2021.
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From
Catastrophe to Chaos: A General Theory of Economic Discontinuities: Mathematics, Microeconomics, Macroeconomics, and Finance
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to ensure that food is available for local consumption, while others have leased food land abroad despite receiving aid from the
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may act as a "canary in a coal mine" to stop unsustainable practices earlier and thus reduce damages and form market bubbles.
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2486:"CFTC Approves Notice of Proposed Rulemaking Regarding Regulations on Aggregation for Position Limits for Futures and Swaps"
2395:"Статья 154. Спекуляция ЗАКОН РСФСР от 27-10-60 ОБ УТВЕРЖДЕНИИ УГОЛОВНОГО КОДЕКСА РСФСР (вместе с УГОЛОВНЫМ КОДЕКСОМ РСФСР)"
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2777:"Nonspeculative Bubbles in Experimental Asset Markets: Lack of Common Knowledge of Rationality Vs. Actual Irrationality"
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to try to stop speculation in such schemes. It remained in place for over a hundred years until repealed in 1825. The
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of a security and instead focus purely on price movements. In principle, speculation can involve any tradable good or
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provides another example; most of the Glass-Steagall provisions were repealed during the 1980s and 1990s. The
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is a tax intended to reduce short-term currency speculation, ostensibly to stabilize foreign exchange.
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Nicholas Kaldor, 1960. Essays on
Economic Stability and Growth. Illinois: The Free Press of Glencoe.
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Auctions are a method of squeezing out speculators from a transaction, but they may have their own
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Teeter, Preston; Sandberg, Jorgen (2017). "Cracking the enigma of asset bubbles with narratives".
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analysis". Hence, they make the prices better reflect the true quality of operation of the firms.
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2048:"Staff Report on Commodity Swap Dealers & Index Traders with Commission Recommendations"
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It is controversial whether the presence of speculators increases or decreases short-term
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2710:
The Quants, How a New Breed of Math
Whizzes Conquered Wall Street and Nearly Destroyed it
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1982:
Szado, Edward (2011). "Defining
Speculation: The First Step toward a Rational Dialogue".
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Proposals made in the past to try to limit speculation – but never enacted – included:
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who seek profit through long-term ownership of an instrument's underlying attributes.
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1599:. Speculation was specifically defined in article 154 of the Penal Code of the USSR.
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regarded any form of private trade with the intent of gaining profit as speculation (
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1991:
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planned to propose a worldwide ban on oil trading by speculators, blaming the 2008
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Another service provided by speculators to a market is that by risking their own
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2359:
Chua, J. H.; Woodward, R. S. (1983). "The
Investment Wizardry of J. M. Keynes".
1752:, which would have specifically targeted speculators by taxing financial-market
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1216:) with the hope that it will become more valuable shortly. It can also refer to
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passed a law allowing the government partial restriction and direct control of
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2439:"Integrated report on Commodity Exchanges And Forward Market Commission (FMC)"
1995:
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The psychology of speculation: The human element in stock market transactions
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Speculators play one of four primary roles in financial markets, along with
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1527:, thanks to very modern investment strategies, which included inter-market
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1367:, in "The Speculator as Hero", who describes the benefits of speculation:
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instruments trade at different prices in different market segments, and
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to the market and make it easier or even possible for others to offset
1316:
1085:
794:
615:
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204:
2838:
Speculation: A History of the Fine Line between
Gambling and Investing
2149:
Unlikely heroes - Can hedge funds save the world? One pundit thinks so
3282:
3277:
3192:
3111:
2857:
Speculation Nation: Land Mania in the
Revolutionary American Republic
2695:
The Money Manias: The Eras of Great
Speculation in America, 1770-1970
1897:
1877:
1719:
1709:
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1274:, who engage in transactions to offset some other pre-existing risk,
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663:
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Spectacular
Speculation: Thrills, the Economy, and Popular Discourse
1515:
wrote: "Speculators may do no harm as bubbles on a steady stream of
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3096:
2741:
Trading with the Market Wizards: The Complete Market Wizards Series
2128:(Revised ed.). Federal Reserve Bank of Chicago. Archived from
1842:
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952:
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313:
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2018:"CFTC Glossary: A guide to the language of the futures industry"
3047:
2101:
Victor Niederhoffer, The Wall Street Journal, 10 February 1989
1726:
1531:(it invested in stocks, commodities and currencies) as well as
1152:
1929:"The use of technical analysis in the foreign exchange market"
1416:
or even face difficulty finding a co-party to buy or sell to.
19:
This article is about the financial term. For other uses, see
2970:
2775:
Lei, Vivian; Noussair, Charles N.; Plott, Charles R. (2001).
2332:
Dr. Stephen Spratt of Intelligence Capital (September 2006).
1232:
338:
37:
1914 billboard criticizing speculation on land, which cites
1560:, which the British government passed at the height of the
1385:
152:
1651:
Dodd-Frank Wall Street Reform and Consumer Protection Act
1231:. Speculators are particularly common in the markets for
2893:
Federal Reserve Bank of Chicago, Financial Markets Group
2509:"Obama's 'Volcker Rule' shifts power away from Geithner"
2292:"What Is an Asset Price Bubble? An Operation Definition"
1450:
1355:
Speculation usually involves more risks than investment.
2024:. Commodity Futures Trading Commission. Archived from
1613:
Some nations have moved to limit foreign ownership of
1546:
1220:
in which the speculator hopes for a decline in value.
2891:
Understanding Derivatives: Markets and Infrastructure
2126:
Understanding Derivatives: Markets and Infrastructure
2726:
Pit Bull: Lessons from Wall Street's Champion Trader
2507:
David Cho and Binyamin Appelbaum (22 January 2010).
2478:
2202:
Booms, Bubbles, & Busts (The Global Marketplace)
1660:Another part of the Dodd-Frank Act established the
2886:Food Commodities Speculation and Food Price Crises
2757:International Institute of Trading Mastery, 2008.
2662:John Wiley & Sons Inc., 2005 (1st print 1923)
1395:
2053:. U.S. Commodity Futures Trading Commission. 2008
26:"Speculator" redirects here. For other uses, see
3689:
2881:Hidden Collective Factors in Speculative Trading
2774:
2225:
2112:
2110:
1346:
2534:
2650:After the stock market crash of November, 1929
2160:
1556:in response to a crisis. Note for example the
2912:
2436:
2107:
1959:
1310:
1223:Many speculators pay little attention to the
1177:
2537:"Germany in call for ban on oil speculation"
2358:
2219:
2194:
2192:
1927:Taylor, Mark P.; Allen, Helen (1992-06-01).
1744:, who blamed "reckless speculation" for the
1412:and might trade at market prices with large
2488:. U.S. Commodity Futures Trading Commission
2466:. U.S. Commodity Futures Trading Commission
2456:
1926:
1388:, including those who may be classified as
2919:
2905:
2263:
2261:
2040:
1933:Journal of International Money and Finance
1184:
1170:
2198:
2189:
2116:
1474:
1322:U.S. Commodity Futures Trading Commission
1278:who seek to profit from situations where
2854:
2535:Evans-Pritchard, Ambrose (26 May 2008).
2419:"Curbing foreign ownership of farmland."
2340:. Stamp Out Poverty Campaign. p. 15
1350:
32:
16:Engaging in risky financial transactions
2812:
2594:. New York Institute of Finance, 1990.
2267:
2258:
1965:
3690:
2835:
2289:
2283:
2237:
2231:
1984:The Journal of Alternative Investments
2926:
2900:
2205:. Heinemann Library. pp. 40–41.
2199:Hollander, Barbara Gottfried (2011).
2144:
2142:
1981:
1570:Great Depression in the United States
1500:Speculation is often associated with
1451:Finding environmental and other risks
2859:. University of Pennsylvania Press.
1975:
1655:Commodity Futures Trading Commission
1341:
2755:Definitive Guide to Position Sizing
2528:
2268:Shiller, Robert J. (23 July 2012).
2010:
1740:On 3 December 2009, Representative
1547:Government responses and regulation
1495:
13:
2768:
2139:
2117:Heckinger, Richard (August 2013).
14:
3719:
2874:
2683:John Wiley & Sons Inc., 2005
2659:Reminiscences of a Stock Operator
2151:, The Economist, 16 February 2010
1808:DeFazio financial transaction tax
1748:, proposed the introduction of a
1479:
3175:Electronic communication network
2610:Souvenir Press (1st print 1985)
1602:
1438:
1380:in the hope of profit, they add
1325:functioning of futures markets.
1151:
1139:
2626:The Myth of the Rational Market
2500:
2430:
2411:
2387:
2352:
2325:
2154:
1396:Market liquidity and efficiency
1315:The view of what distinguishes
1204:is the purchase of an asset (a
67:Development finance institution
2437:Frida Youssef (October 2000).
2226:Lei, Noussair & Plott 2001
2095:
2086:
2065:
1920:
1783:Bull (stock market speculator)
1640:
118:Bull (stock market speculator)
1:
3169:Multilateral trading facility
2855:Blaakman, Michael A. (2023).
2299:European Financial Management
1914:
1347:Sustainable consumption level
943:Critique of political economy
601:Critique of political economy
48:Financial market participants
3592:Returns-based style analysis
3388:Post-modern portfolio theory
3294:Security characteristic line
2674:The Art of Contrary Thinking
1945:10.1016/0261-5606(92)90048-3
1671:
993:Periodizations of capitalism
21:Speculation (disambiguation)
7:
3346:Efficient-market hypothesis
3250:Capital asset pricing model
3187:Straight-through processing
2840:. Oxford University Press.
2743:John Wiley & Sons 2013
2417:Compare: Valente, Marcela.
2238:Rosser, J. Barkley (2000).
1990:. CAIA Association: 75–82.
1838:Financial regulatory reform
1760:
1649:, following passage of the
1463:
1294:With the appearance of the
689:Simple commodity production
28:Speculator (disambiguation)
10:
3724:
3163:Alternative Trading System
2723:Schwartz, Martin "Buzzy".
2573:The Complete Turtle Trader
2361:Financial Analysts Journal
1746:2007–2008 financial crisis
1675:
1666:2007–2008 financial crisis
1634:Forward Markets Commission
1606:
1568:passed in 1933 during the
1311:Speculation vs. investment
1289:
998:Perspectives on capitalism
25:
18:
3438:
3313:
3212:
3132:
3040:
3007:
2968:
2934:
2819:Stanford University Press
2270:"Bubbles without Markets"
2244:. Springer. p. 107.
2071:Graham, Benjamin (1973).
1996:10.3905/jai.2011.14.1.075
1858:Jesse Lauriston Livermore
1750:financial transaction tax
1733:rises on manipulation by
1694:Financial transaction tax
1592:
3227:Arbitrage pricing theory
2644:, privately printed 1926
2628:. Harper Collins, 2009.
2564:
2338:Stamp Out Poverty report
2290:Siegel, Journal (2003).
2175:10.1177/1476127016629880
2073:The Intelligent Investor
1798:Currency transaction tax
1702:Currency transaction tax
1335:The Intelligent Investor
269:Economic interventionism
3506:Initial public offering
3367:Modern portfolio theory
3262:Dividend discount model
3145:List of stock exchanges
2836:Stuart, Banner (2017).
2798:10.1111/1468-0262.00222
2311:10.1111/1468-036x.00206
2075:. HarperCollins Books.
1813:Domain name speculation
1754:securities transactions
1400:If any market, such as
938:Criticism of capitalism
3394:Random walk hypothesis
2592:The Disciplined Trader
2163:Strategic Organization
2119:"Derivatives Overview"
1475:Economic disadvantages
1374:
1356:
968:Exploitation of labour
679:Primitive accumulation
41:
3532:Market capitalization
3341:Dollar cost averaging
2817:. Stanford, CA:
2813:Stäheli, Urs (2013).
2713:Crown Business, 2010
2681:Practical Speculation
2679:Niederhoffer, Victor
2653:The Torch Press, 1930
2441:. FMC. Archived from
2373:10.2469/faj.v39.n3.35
2334:"A Sterling Solution"
1369:
1354:
1265:financial derivatives
1146:Capitalism portal
958:Culture of capitalism
913:Capitalist propaganda
669:Industrial Revolution
659:Commercial Revolution
36:
3352:Fundamental analysis
3336:Contrarian investing
3299:Security market line
3204:Liquidity aggregator
3181:Direct market access
3092:Quantitative analyst
2729:HarperCollins, 2007
2464:"Speculative Limits"
1725:In May 2008, German
1619:World Food Programme
1576:bans the trading of
1554:financial regulation
1296:stock ticker machine
1229:financial instrument
1121:Right-libertarianism
1051:Classical liberalism
1018:Venture philanthropy
654:Capitalism and Islam
649:Age of Enlightenment
244:Capital accumulation
168:Financial regulation
3597:Reverse stock split
3542:Market manipulation
3466:Dual-listed company
3326:Algorithmic trading
3256:Capital market line
3058:Inter-dealer broker
2672:Neill, Humphrey B.
2542:The Daily Telegraph
2514:The Washington Post
2135:on 12 October 2022.
1888:Stock market bubble
1513:John Maynard Keynes
1365:Victor Niederhoffer
1158:Business portal
274:Economic liberalism
264:Competitive markets
72:Insurance companies
3637:Stock market index
3476:Efficient frontier
3415:Technical analysis
3373:Momentum investing
3195:(private exchange)
3085:Proprietary trader
3027:Shares outstanding
3017:Authorised capital
2739:Schwager, Jack D.
2676:Caxton Press 1954.
2103:Daily Speculations
1883:Speculative attack
1873:Slippage (finance)
1828:Fictitious capital
1773:Behavioral finance
1690:Fictitious capital
1678:Speculative attack
1566:Glass–Steagall Act
1392:and arbitrageurs.
1357:
918:Capitalist realism
309:Goods and services
289:Fictitious capital
42:
3703:Financial markets
3685:
3684:
3486:Flight-to-quality
3238:Buffett indicator
2928:Financial markets
2866:978-1-5128-2447-6
2828:978-0-804-77131-3
2707:Patterson, Scott
2697:Beard Books 1973
2608:The Zurich Axioms
2028:on 18 August 2012
1626:Indian government
1578:futures contracts
1574:Onion Futures Act
1342:Economic benefits
1241:commodity futures
1225:fundamental value
1194:
1193:
1013:Spontaneous order
983:History of theory
626:New institutional
596:Market monetarism
531:Economic theories
364:Supply and demand
299:Free price system
190:
189:
163:Financial planner
158:Financial analyst
153:Banks and banking
138:Corporate finance
3715:
3602:Share repurchase
3314:Trading theories
3199:Crossing network
3157:Over-the-counter
2994:Restricted stock
2950:Secondary market
2921:
2914:
2907:
2898:
2897:
2870:
2851:
2832:
2809:
2781:
2656:Lefèvre, Edwin.
2570:Covel, Michael.
2559:
2558:
2556:
2554:
2545:. Archived from
2532:
2526:
2525:
2523:
2521:
2504:
2498:
2497:
2495:
2493:
2482:
2476:
2475:
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2405:
2391:
2385:
2384:
2356:
2350:
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2280:
2278:
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2265:
2256:
2255:
2235:
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2196:
2187:
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2158:
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2146:
2137:
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2134:
2123:
2114:
2105:
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2084:
2069:
2063:
2062:
2060:
2058:
2052:
2044:
2038:
2037:
2035:
2033:
2014:
2008:
2007:
1979:
1973:
1963:
1957:
1956:
1924:
1863:Seasonal traders
1848:Food speculation
1833:Financial market
1818:Equity (finance)
1597:corrective labor
1594:
1562:South Sea Bubble
1525:Great Depression
1502:economic bubbles
1496:Economic bubbles
1486:perverse effects
1426:efficient market
1306:
1302:
1186:
1179:
1172:
1156:
1155:
1144:
1143:
948:Critique of work
923:Capitalist state
606:Critique of work
489:Regulated market
391:Economic systems
344:Private property
294:Financial market
284:Entrepreneurship
279:Economic surplus
192:
191:
143:Personal finance
128:Financial market
82:Investment funds
77:Investment banks
44:
43:
3723:
3722:
3718:
3717:
3716:
3714:
3713:
3712:
3688:
3687:
3686:
3681:
3672:Voting interest
3582:Public offering
3517:Mandatory offer
3491:Government bond
3471:DuPont analysis
3434:
3430:Value investing
3425:Value averaging
3420:Trend following
3405:Style investing
3400:Sector rotation
3315:
3309:
3288:Net asset value
3214:Stock valuation
3208:
3128:
3036:
3003:
2989:Preferred stock
2964:
2930:
2925:
2877:
2867:
2848:
2829:
2779:
2771:
2769:Further reading
2590:Douglas, Mark.
2567:
2562:
2552:
2550:
2533:
2529:
2519:
2517:
2505:
2501:
2491:
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2155:
2147:
2140:
2132:
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2100:
2096:
2091:
2087:
2070:
2066:
2056:
2054:
2050:
2046:
2045:
2041:
2031:
2029:
2016:
2015:
2011:
1980:
1976:
1964:
1960:
1925:
1921:
1917:
1912:
1793:Currency crisis
1778:Black Wednesday
1763:
1712:
1686:Black Wednesday
1682:Currency crisis
1674:
1643:
1630:food production
1611:
1605:
1558:Bubble Act 1720
1549:
1529:diversification
1498:
1482:
1477:
1466:
1453:
1441:
1430:price discovery
1419:By contrast, a
1414:bid–ask spreads
1410:illiquid market
1398:
1360:Nicholas Kaldor
1349:
1344:
1330:Benjamin Graham
1313:
1304:
1300:
1292:
1190:
1150:
1138:
1131:
1130:
1036:
1028:
1027:
1003:Post-capitalism
908:Anti-capitalism
903:
895:
894:
790:
782:
781:
702:
694:
693:
644:
636:
635:
532:
524:
523:
514:State-sponsored
392:
384:
383:
249:Capital markets
214:
173:Fund governance
31:
24:
17:
12:
11:
5:
3721:
3711:
3710:
3708:Money managers
3705:
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3683:
3682:
3680:
3679:
3674:
3669:
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3654:
3649:
3644:
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3634:
3632:Stock exchange
3629:
3627:Stock dilution
3624:
3619:
3614:
3609:
3604:
3599:
3594:
3589:
3584:
3579:
3574:
3569:
3564:
3559:
3554:
3552:Mean reversion
3549:
3544:
3539:
3534:
3529:
3527:Market anomaly
3524:
3519:
3514:
3509:
3503:
3498:
3493:
3488:
3483:
3478:
3473:
3468:
3463:
3458:
3453:
3448:
3446:Bid–ask spread
3442:
3440:
3436:
3435:
3433:
3432:
3427:
3422:
3417:
3412:
3407:
3402:
3397:
3391:
3385:
3380:
3375:
3370:
3364:
3359:
3354:
3349:
3343:
3338:
3333:
3328:
3322:
3320:
3311:
3310:
3308:
3307:
3302:
3296:
3291:
3285:
3280:
3275:
3273:Earnings yield
3270:
3268:Dividend yield
3265:
3259:
3253:
3247:
3241:
3235:
3230:
3224:
3218:
3216:
3210:
3209:
3207:
3206:
3201:
3196:
3190:
3184:
3178:
3172:
3166:
3160:
3159:(off-exchange)
3154:
3153:
3152:
3147:
3136:
3134:
3133:Trading venues
3130:
3129:
3127:
3126:
3121:
3120:
3119:
3109:
3104:
3099:
3094:
3089:
3088:
3087:
3082:
3072:
3067:
3062:
3061:
3060:
3055:
3044:
3042:
3038:
3037:
3035:
3034:
3032:Treasury stock
3029:
3024:
3019:
3013:
3011:
3005:
3004:
3002:
3001:
2999:Tracking stock
2996:
2991:
2986:
2981:
2975:
2973:
2966:
2965:
2963:
2962:
2957:
2952:
2947:
2945:Primary market
2941:
2939:
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2931:
2924:
2923:
2916:
2909:
2901:
2895:
2894:
2888:
2883:
2876:
2875:External links
2873:
2872:
2871:
2865:
2852:
2847:978-0190623043
2846:
2833:
2827:
2810:
2792:(4): 831–859.
2770:
2767:
2766:
2765:
2753:Tharp, Van K.
2751:
2737:
2721:
2705:
2693:Sobel, Robert
2691:
2677:
2670:
2654:
2645:
2638:Harper, H. H.
2636:
2619:
2602:
2588:
2566:
2563:
2561:
2560:
2549:on 28 May 2008
2527:
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2410:
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2250:
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2212:978-1432954772
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1939:(3): 304–314.
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1788:Carbon credits
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1698:Land value tax
1673:
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1642:
1639:
1607:Main article:
1604:
1601:
1548:
1545:
1506:feedback loops
1497:
1494:
1490:winner's curse
1481:
1480:Winner's curse
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902:Related topics
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329:Liberalization
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319:Invisible hand
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3607:Short selling
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3515:
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3504:
3502:
3499:
3497:
3496:Greenspan put
3494:
3492:
3489:
3487:
3484:
3482:
3481:Financial law
3479:
3477:
3474:
3472:
3469:
3467:
3464:
3462:
3459:
3457:
3456:Cross listing
3454:
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3444:
3443:
3441:
3439:Related terms
3437:
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3411:
3410:Swing trading
3408:
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3386:
3384:
3381:
3379:
3378:Mosaic theory
3376:
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3362:Market timing
3360:
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3257:
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3150:Trading hours
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3065:Broker-dealer
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3022:Issued shares
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3010:
3009:Share capital
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3000:
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2990:
2987:
2985:
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2960:Fourth market
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2752:
2750:
2749:9781118582978
2746:
2742:
2738:
2736:
2735:9780061844638
2732:
2728:
2727:
2722:
2720:
2719:9780307453372
2716:
2712:
2711:
2706:
2704:
2703:1-58798-028-2
2700:
2696:
2692:
2690:
2689:0-471-67774-4
2686:
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2634:9780060598990
2631:
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2623:
2620:
2617:
2616:0-285-63095-4
2613:
2609:
2606:
2603:
2601:
2600:0-13-215757-8
2597:
2593:
2589:
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2586:9780061241703
2583:
2579:
2578:HarperCollins
2575:
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2465:
2459:
2445:on 2012-03-03
2444:
2440:
2433:
2427:Philippines."
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2098:
2089:
2082:
2081:0-06-055566-1
2078:
2074:
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2049:
2043:
2027:
2023:
2019:
2013:
2005:
2001:
1997:
1993:
1989:
1985:
1978:
1971:
1967:
1962:
1954:
1950:
1946:
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1938:
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1930:
1923:
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1909:
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1868:Short selling
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1747:
1743:
1742:Peter DeFazio
1739:
1736:
1732:
1728:
1724:
1721:
1717:
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1715:
1711:
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1703:
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1687:
1683:
1679:
1669:
1667:
1663:
1658:
1656:
1653:of 2010, the
1652:
1648:
1647:United States
1638:
1635:
1631:
1627:
1624:In 1935, the
1622:
1620:
1616:
1610:
1609:food security
1603:Food security
1600:
1598:
1590:
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1579:
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1439:Bearing risks
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1403:
1393:
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1387:
1383:
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1361:
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1331:
1328:According to
1326:
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1101:Neoliberalism
1099:
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1046:Authoritarian
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973:Globalization
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933:Crisis theory
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402:Authoritarian
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369:Surplus value
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62:Credit unions
60:
59:
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54:Organisations
53:
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40:
35:
29:
22:
3657:Tender offer
3616:
3577:Public float
3547:Market trend
3537:Market depth
3357:Growth stock
3331:Buy and hold
3240:(Cap-to-GDP)
3080:Floor trader
3070:Market maker
3053:Floor broker
3041:Participants
2984:Golden share
2979:Common stock
2955:Third market
2856:
2837:
2814:
2789:
2785:Econometrica
2783:
2754:
2740:
2724:
2708:
2694:
2680:
2673:
2657:
2648:
2639:
2625:
2607:
2605:Gunther, Max
2591:
2571:
2551:. Retrieved
2547:the original
2540:
2530:
2518:. Retrieved
2512:
2502:
2490:. Retrieved
2480:
2468:. Retrieved
2458:
2447:. Retrieved
2443:the original
2432:
2421:
2413:
2402:. Retrieved
2399:zakonbase.ru
2398:
2389:
2367:(3): 35–37.
2364:
2360:
2354:
2342:. Retrieved
2337:
2327:
2305:(1): 11–24.
2302:
2298:
2285:
2273:. Retrieved
2240:
2233:
2221:
2201:
2169:(1): 91–99.
2166:
2162:
2156:
2130:the original
2125:
2097:
2088:
2072:
2067:
2055:. Retrieved
2042:
2030:. Retrieved
2026:the original
2021:
2012:
1987:
1983:
1977:
1966:Stäheli 2013
1961:
1936:
1932:
1922:
1908:Volcker Rule
1893:Stock trader
1853:George Soros
1713:
1662:Volcker Rule
1659:
1644:
1623:
1612:
1585:Soviet Union
1582:
1550:
1537:
1510:
1499:
1483:
1467:
1455:Speculative
1454:
1442:
1434:
1418:
1402:pork bellies
1399:
1375:
1370:
1358:
1333:
1327:
1314:
1293:
1276:arbitrageurs
1269:
1257:collectibles
1222:
1201:
1195:
1023:Wage slavery
1007:
963:Evergreening
674:Mercantilism
621:Neoclassical
449:Mercantilist
426:
359:Rent seeking
324:Visible hand
178:Stock Market
133:Participants
39:Henry George
3662:Uptick rule
3642:Stock split
3622:Squeeze-out
3617:Speculation
3562:Open outcry
3451:Block trade
3383:Pairs trade
2622:Fox, Justin
2520:13 February
1903:Tulip mania
1803:Day trading
1735:hedge funds
1641:Regulations
1457:hedge funds
1303:in 1900 to
1301:4.4 million
1261:real estate
1218:short sales
1214:real estate
1202:speculation
1106:Objectivism
1091:Libertarian
1008:Speculation
928:Consumerism
762:Progressive
701:Development
684:Physiocracy
631:Supply-side
439:Libertarian
417:Free-market
397:Anglo-Saxon
379:Wage labour
334:Marginalism
304:Free market
259:Corporation
183:Super angel
3692:Categories
3667:Volatility
3647:Stock swap
3567:Order book
3318:strategies
3244:Book value
3112:Arbitrager
3107:Speculator
2763:0935219099
2668:0471678767
2449:2012-09-05
2404:2020-05-02
1968:, p.
1915:References
1768:Adventurer
1676:See also:
1593:спекуляция
1540:volatility
1521:hedge fund
1517:enterprise
1317:investment
1305:26 million
1245:currencies
1086:Liberalism
1071:Humanistic
1056:Democratic
1035:Ideologies
870:Schumpeter
616:Monetarist
547:Chartalism
494:Regulatory
469:Neoliberal
422:Humanistic
205:Capitalism
3283:Fed model
3278:EV/EBITDA
3193:Dark pool
3124:Regulator
2969:Types of
2935:Types of
2492:21 August
2470:21 August
2344:2 January
2319:154819558
2275:29 August
2183:156163200
2057:27 August
2032:28 August
2004:154097642
1953:0261-5606
1898:Tobin tax
1878:Spahn tax
1731:oil price
1720:Tobin tax
1710:Spahn tax
1706:Tobin tax
1672:Proposals
1511:In 1936,
1421:commodity
1382:liquidity
1307:in 1932.
1284:investors
1206:commodity
1126:Third Way
1116:Privatism
1076:Inclusive
1061:Dirigisme
855:von Mises
742:Illiberal
722:Corporate
717:Community
664:Feudalism
574:Keynesian
564:Classical
407:Corporate
219:Austerity
3612:Slippage
3572:Position
3557:Momentum
3461:Dividend
3140:Exchange
3097:Investor
2580:, 2007.
2022:cftc.gov
1843:Flipping
1761:See also
1615:cropland
1533:shorting
1469:Shorting
1464:Shorting
1445:farmland
1280:fungible
1253:fine art
953:Cronyism
865:Rothbard
840:Marshall
825:Friedman
757:Merchant
712:Consumer
707:Advanced
542:Austrian
537:American
464:National
459:Monopoly
412:Dirigist
314:Investor
224:Business
213:Concepts
197:a series
195:Part of
3501:Haircut
3305:T-model
3117:Scalper
2937:markets
2806:2692246
2381:4478643
1727:leaders
1645:In the
1589:Russian
1488:by the
1390:hedgers
1378:capital
1290:History
1272:hedgers
1198:finance
1081:Liberal
1041:Anarcho
978:History
810:Malthus
805:Ricardo
767:Rentier
752:Marxist
732:Finance
643:Origins
611:Marxist
559:Chicago
519:Welfare
479:Private
434:Liberal
254:Company
239:Capital
123:Finance
3522:Margin
3390:(PMPT)
3252:(CAPM)
3102:Hedger
3075:Trader
3048:Broker
2971:stocks
2863:
2844:
2825:
2804:
2761:
2747:
2733:
2717:
2701:
2687:
2666:
2632:
2614:
2598:
2584:
2553:28 May
2379:
2317:
2248:
2209:
2181:
2079:
2002:
1951:
1708:, and
1406:spread
1263:, and
1233:stocks
880:Weaver
875:Veblen
850:Walras
845:Pareto
835:Keynes
737:Global
504:Social
474:Nordic
444:Market
354:Profit
97:Trusts
3698:Trade
3677:Yield
3652:Trade
3587:Rally
3508:(IPO)
3396:(RMH)
3369:(MPT)
3348:(EMH)
3301:(SML)
3290:(NAV)
3264:(DDM)
3258:(CML)
3229:(APT)
3222:Alpha
3189:(STP)
3183:(DMA)
3177:(ECN)
3171:(MTF)
3165:(ATS)
2802:JSTOR
2780:(PDF)
2647:----
2565:Books
2377:JSTOR
2315:S2CID
2295:(PDF)
2179:S2CID
2133:(PDF)
2122:(PDF)
2051:(PDF)
2000:S2CID
1237:bonds
1212:, or
1210:goods
890:Coase
885:Weber
830:Hayek
795:Smith
727:Crony
589:Post-
509:State
499:Rhine
454:Mixed
374:Value
339:Money
105:Terms
3512:Long
3316:and
3246:(BV)
3233:Beta
2861:ISBN
2842:ISBN
2823:ISBN
2759:ISBN
2745:ISBN
2731:ISBN
2715:ISBN
2699:ISBN
2685:ISBN
2664:ISBN
2630:ISBN
2612:ISBN
2596:ISBN
2582:ISBN
2555:2008
2522:2010
2494:2012
2472:2012
2346:2010
2277:2012
2246:ISBN
2207:ISBN
2077:ISBN
2059:2012
2034:2012
1949:ISSN
1718:The
1583:The
1386:risk
860:Rand
820:Marx
800:Mill
747:Late
579:Neo-
2794:doi
2422:IPS
2369:doi
2307:doi
2171:doi
1992:doi
1941:doi
1332:in
1196:In
1096:Neo
1066:Eco
815:Say
584:New
552:MMT
484:Raw
3694::
2821:.
2800:.
2790:69
2788:.
2782:.
2624:.
2576:.
2539:.
2511:.
2397:.
2375:.
2365:39
2363:.
2336:.
2313:.
2301:.
2297:.
2260:^
2191:^
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2124:.
2109:^
2020:.
1998:.
1988:14
1986:.
1947:.
1937:11
1935:.
1931:.
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1700:,
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