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Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market / Patrick Bayer, Christopher Geissler, Kyle Mangum, James W. Roberts.
- Format:
- Book
- Author/Creator:
- Bayer, Patrick.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w16784.
- NBER working paper series no. w16784
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Speculators and Middlemen
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2011.
- Summary:
- 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.
- Notes:
- Print version record
- February 2011.
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