Speculative Trading and Bubbles : Evidence from the Art Market | PERPUSTAKAAN UNIVERSITAS KATOLIK PARAHYANGAN

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Speculative Trading and Bubbles : Evidence from the Art Market

Penasse, Julien - Nama Orang; Renneboog, Luc - Nama Orang;

We argue that extrapolative expectations drive boom–bust cycles in the postwar art market. Price run-ups coincide with increases in demand fundamentals but are followed by predictable busts. Predictable changes account for about half of the variance of five-year price changes. High prices coincide with many attributes of speculative bubbles: trading volume, the share of short-term trades, the share of postwar art, and volatility are all higher during booms. In addition, short-term transactions underperform long-term transactions. Survey evidence further confirms the link between beliefs, prices, and volume dynamics as in models in which extrapolative beliefs fuel speculative bubbles.

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Barcode		Tipe Koleksi	Nomor Panggil	Lokasi	Status
art143258	null	Artikel		Gdg9-Lt3	Tersedia namun tidak untuk dipinjamkan - No Loan

Informasi Detail

Judul Seri: MANAGEMENT SCIENCE; Vol.68 No.7 July 2022
No. Panggil: -
Penerbit: : .,
Deskripsi Fisik: p. 4939-4963
Bahasa: English
ISBN/ISSN: -
Klasifikasi: NONE
Tipe Isi: -
Tipe Media: -
Tipe Pembawa: -
Edisi: -
Subjek: TRADING VOLUME
EXTRAPOLATIVE BELIEFS
SPECULATIVE BUBBIES
ART AUCTION
Info Detail Spesifik: https://doi.org/10.1287/mnsc.2021.4088
Pernyataan Tanggungjawab: Julien Penasse, Luc Renneboog

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