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Speculators and Middlemen

其他書名	The Strategy and Performance of Investors in the Housing Market
出版	National Bureau of Economic Research, 2011
URL	http://books.google.com.hk/books?id=j-F70AEACAAJ&hl=&source=gbs_api

註釋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.