Bayer, Patrick J.
[Verfasser:in]
;
Geissler, Christopher
[Sonstige Person, Familie und Körperschaft];
Mangum, Kyle
[Sonstige Person, Familie und Körperschaft];
Roberts, James W.
[Sonstige Person, Familie und Körperschaft]
Erschienen in:Economic Research Initiatives at Duke (ERID) Working Paper ; No. 93
Umfang:
1 Online-Ressource (41 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.1754003
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 13, 2015 erstellt
Beschreibung:
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 na¨ıve 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