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1349:, 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.
1363:
1668:(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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1519:, 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.
2435:, 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.
1503:. 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.
1534:. 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
1439:. 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.
1458:. 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).
2239:, 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."
1643:(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
1335:
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
1382:
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
2437:
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
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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
1330:
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
1515:. 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
1309:
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
1434:
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
1553:
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.
1546:(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
1530:. 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
1675:, 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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1415:, 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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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
1628:
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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2497:"CFTC Approves Notice of Proposed Rulemaking Regarding Regulations on Aggregation for Position Limits for Futures and Swaps"
2406:"Статья 154. Спекуляция ЗАКОН РСФСР от 27-10-60 ОБ УТВЕРЖДЕНИИ УГОЛОВНОГО КОДЕКСА РСФСР (вместе с УГОЛОВНЫМ КОДЕКСОМ РСФСР)"
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2788:"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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1606:) and a criminal offense and punished speculators accordingly with fines, imprisonment, confiscation and/or
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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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2059:"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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2721:
The Quants, How a New Breed of Math
Whizzes Conquered Wall Street and Nearly Destroyed it
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1993:
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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1610:. 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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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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2370:
Chua, J. H.; Woodward, R. S. (1983). "The
Investment Wizardry of J. M. Keynes".
1763:, which would have specifically targeted speculators by taxing financial-market
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1227:) 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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2450:"Integrated report on Commodity Exchanges And Forward Market Commission (FMC)"
2006:
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The psychology of speculation: The human element in stock market transactions
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1963:
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1111:
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Speculators play one of four primary roles in financial markets, along with
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1538:, thanks to very modern investment strategies, which included inter-market
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1378:, 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
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215:
2849:
Speculation: A History of the Fine Line between
Gambling and Investing
2160:
Unlikely heroes - Can hedge funds save the world? One pundit thinks so
3293:
3288:
3203:
3122:
2868:
Speculation Nation: Land Mania in the
Revolutionary American Republic
2706:
The Money Manias: The Eras of Great
Speculation in America, 1770-1970
1908:
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1285:, who engage in transactions to offset some other pre-existing risk,
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Spectacular
Speculation: Thrills, the Economy, and Popular Discourse
1526:
wrote: "Speculators may do no harm as bubbles on a steady stream of
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3107:
2752:
Trading with the Market Wizards: The Complete Market Wizards Series
2139:(Revised ed.). Federal Reserve Bank of Chicago. Archived from
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963:
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324:
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2029:"CFTC Glossary: A guide to the language of the futures industry"
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2112:
Victor Niederhoffer, The Wall Street Journal, 10 February 1989
1737:
1542:(it invested in stocks, commodities and currencies) as well as
1163:
1940:"The use of technical analysis in the foreign exchange market"
1427:
or even face difficulty finding a co-party to buy or sell to.
30:
This article is about the financial term. For other uses, see
2981:
2786:
Lei, Vivian; Noussair, Charles N.; Plott, Charles R. (2001).
2343:
Dr. Stephen Spratt of Intelligence Capital (September 2006).
1243:
349:
48:
1914 billboard criticizing speculation on land, which cites
1571:, which the British government passed at the height of the
1396:
163:
1662:
Dodd-Frank Wall Street Reform and Consumer Protection Act
1242:. Speculators are particularly common in the markets for
2904:
Federal Reserve Bank of Chicago, Financial Markets Group
2520:"Obama's 'Volcker Rule' shifts power away from Geithner"
2303:"What Is an Asset Price Bubble? An Operation Definition"
1461:
1366:
Speculation usually involves more risks than investment.
2035:. Commodity Futures Trading Commission. Archived from
1624:
Some nations have moved to limit foreign ownership of
1557:
1231:
in which the speculator hopes for a decline in value.
2902:
Understanding Derivatives: Markets and Infrastructure
2137:
Understanding Derivatives: Markets and Infrastructure
2737:
Pit Bull: Lessons from Wall Street's Champion Trader
2518:
David Cho and Binyamin Appelbaum (22 January 2010).
2489:
2213:
Booms, Bubbles, & Busts (The Global Marketplace)
1671:Another part of the Dodd-Frank Act established the
2897:Food Commodities Speculation and Food Price Crises
2768:International Institute of Trading Mastery, 2008.
2673:John Wiley & Sons Inc., 2005 (1st print 1923)
1406:
2064:. U.S. Commodity Futures Trading Commission. 2008
37:"Speculator" redirects here. For other uses, see
3700:
2892:Hidden Collective Factors in Speculative Trading
2785:
2236:
2123:
2121:
1357:
2545:
2661:After the stock market crash of November, 1929
2171:
1567:in response to a crisis. Note for example the
2923:
2447:
2118:
1970:
1321:
1234:Many speculators pay little attention to the
1188:
2548:"Germany in call for ban on oil speculation"
2369:
2230:
2205:
2203:
1938:Taylor, Mark P.; Allen, Helen (1992-06-01).
1755:, who blamed "reckless speculation" for the
1423:and might trade at market prices with large
2499:. U.S. Commodity Futures Trading Commission
2477:. U.S. Commodity Futures Trading Commission
2467:
1937:
1399:, including those who may be classified as
2930:
2916:
2274:
2272:
2051:
1944:Journal of International Money and Finance
1195:
1181:
2209:
2200:
2127:
1485:
1333:U.S. Commodity Futures Trading Commission
1289:who seek to profit from situations where
2865:
2546:Evans-Pritchard, Ambrose (26 May 2008).
2430:"Curbing foreign ownership of farmland."
2351:. Stamp Out Poverty Campaign. p. 15
1361:
43:
27:Engaging in risky financial transactions
2823:
2605:. New York Institute of Finance, 1990.
2278:
2269:
1976:
14:
3701:
2846:
2300:
2294:
2248:
2242:
1995:The Journal of Alternative Investments
2937:
2911:
2216:. Heinemann Library. pp. 40–41.
2210:Hollander, Barbara Gottfried (2011).
2155:
2153:
1992:
1581:Great Depression in the United States
1511:Speculation is often associated with
1462:Finding environmental and other risks
2870:. University of Pennsylvania Press.
1986:
1666:Commodity Futures Trading Commission
1352:
2766:Definitive Guide to Position Sizing
2539:
2279:Shiller, Robert J. (23 July 2012).
2021:
1751:On 3 December 2009, Representative
1558:Government responses and regulation
1506:
24:
2779:
2150:
2128:Heckinger, Richard (August 2013).
25:
3730:
2885:
2694:John Wiley & Sons Inc., 2005
2670:Reminiscences of a Stock Operator
2162:, The Economist, 16 February 2010
1819:DeFazio financial transaction tax
1759:, proposed the introduction of a
1490:
3186:Electronic communication network
2621:Souvenir Press (1st print 1985)
1613:
1449:
1391:in the hope of profit, they add
1336:functioning of futures markets.
1162:
1150:
2637:The Myth of the Rational Market
2511:
2441:
2422:
2398:
2363:
2336:
2165:
1407:Market liquidity and efficiency
1326:The view of what distinguishes
1215:is the purchase of an asset (a
78:Development finance institution
2448:Frida Youssef (October 2000).
2237:Lei, Noussair & Plott 2001
2106:
2097:
2076:
1931:
1794:Bull (stock market speculator)
1651:
129:Bull (stock market speculator)
13:
1:
3180:Multilateral trading facility
2866:Blaakman, Michael A. (2023).
2310:European Financial Management
1925:
1358:Sustainable consumption level
954:Critique of political economy
612:Critique of political economy
59:Financial market participants
3603:Returns-based style analysis
3399:Post-modern portfolio theory
3305:Security characteristic line
2685:The Art of Contrary Thinking
1956:10.1016/0261-5606(92)90048-3
1682:
1004:Periodizations of capitalism
32:Speculation (disambiguation)
7:
3357:Efficient-market hypothesis
3261:Capital asset pricing model
3198:Straight-through processing
2851:. Oxford University Press.
2754:John Wiley & Sons 2013
2428:Compare: Valente, Marcela.
2249:Rosser, J. Barkley (2000).
2001:. CAIA Association: 75–82.
1849:Financial regulatory reform
1771:
1660:, following passage of the
1474:
1305:With the appearance of the
700:Simple commodity production
39:Speculator (disambiguation)
10:
3735:
3174:Alternative Trading System
2734:Schwartz, Martin "Buzzy".
2584:The Complete Turtle Trader
2372:Financial Analysts Journal
1757:2007–2008 financial crisis
1686:
1677:2007–2008 financial crisis
1645:Forward Markets Commission
1617:
1579:passed in 1933 during the
1322:Speculation vs. investment
1300:
1009:Perspectives on capitalism
36:
29:
3449:
3324:
3223:
3143:
3051:
3018:
2979:
2945:
2830:Stanford University Press
2281:"Bubbles without Markets"
2255:. Springer. p. 107.
2082:Graham, Benjamin (1973).
2007:10.3905/jai.2011.14.1.075
1869:Jesse Lauriston Livermore
1761:financial transaction tax
1744:rises on manipulation by
1705:Financial transaction tax
1603:
3238:Arbitrage pricing theory
2655:, privately printed 1926
2639:. Harper Collins, 2009.
2575:
2349:Stamp Out Poverty report
2301:Siegel, Journal (2003).
2186:10.1177/1476127016629880
2084:The Intelligent Investor
1809:Currency transaction tax
1713:Currency transaction tax
1346:The Intelligent Investor
280:Economic interventionism
3517:Initial public offering
3378:Modern portfolio theory
3273:Dividend discount model
3156:List of stock exchanges
2847:Stuart, Banner (2017).
2809:10.1111/1468-0262.00222
2322:10.1111/1468-036x.00206
2086:. HarperCollins Books.
1824:Domain name speculation
1765:securities transactions
1411:If any market, such as
949:Criticism of capitalism
3405:Random walk hypothesis
2603:The Disciplined Trader
2174:Strategic Organization
2130:"Derivatives Overview"
1486:Economic disadvantages
1385:
1367:
979:Exploitation of labour
690:Primitive accumulation
52:
3543:Market capitalization
3352:Dollar cost averaging
2828:. Stanford, CA:
2824:Stäheli, Urs (2013).
2724:Crown Business, 2010
2692:Practical Speculation
2690:Niederhoffer, Victor
2664:The Torch Press, 1930
2452:. FMC. Archived from
2384:10.2469/faj.v39.n3.35
2345:"A Sterling Solution"
1380:
1365:
1276:financial derivatives
1157:Capitalism portal
969:Culture of capitalism
924:Capitalist propaganda
680:Industrial Revolution
670:Commercial Revolution
47:
3363:Fundamental analysis
3347:Contrarian investing
3310:Security market line
3215:Liquidity aggregator
3192:Direct market access
3103:Quantitative analyst
2740:HarperCollins, 2007
2475:"Speculative Limits"
1736:In May 2008, German
1630:World Food Programme
1587:bans the trading of
1565:financial regulation
1307:stock ticker machine
1240:financial instrument
1132:Right-libertarianism
1062:Classical liberalism
1029:Venture philanthropy
665:Capitalism and Islam
660:Age of Enlightenment
255:Capital accumulation
179:Financial regulation
3608:Reverse stock split
3553:Market manipulation
3477:Dual-listed company
3337:Algorithmic trading
3267:Capital market line
3069:Inter-dealer broker
2683:Neill, Humphrey B.
2553:The Daily Telegraph
2525:The Washington Post
2146:on 12 October 2022.
1899:Stock market bubble
1524:John Maynard Keynes
1376:Victor Niederhoffer
1169:Business portal
285:Economic liberalism
275:Competitive markets
83:Insurance companies
3648:Stock market index
3487:Efficient frontier
3426:Technical analysis
3384:Momentum investing
3206:(private exchange)
3096:Proprietary trader
3038:Shares outstanding
3028:Authorised capital
2750:Schwager, Jack D.
2687:Caxton Press 1954.
2114:Daily Speculations
1894:Speculative attack
1884:Slippage (finance)
1839:Fictitious capital
1784:Behavioral finance
1701:Fictitious capital
1689:Speculative attack
1577:Glass–Steagall Act
1403:and arbitrageurs.
1368:
929:Capitalist realism
320:Goods and services
300:Fictitious capital
53:
3714:Financial markets
3696:
3695:
3497:Flight-to-quality
3249:Buffett indicator
2939:Financial markets
2877:978-1-5128-2447-6
2839:978-0-804-77131-3
2718:Patterson, Scott
2708:Beard Books 1973
2619:The Zurich Axioms
2039:on 18 August 2012
1637:Indian government
1589:futures contracts
1585:Onion Futures Act
1353:Economic benefits
1252:commodity futures
1236:fundamental value
1205:
1204:
1024:Spontaneous order
994:History of theory
637:New institutional
607:Market monetarism
542:Economic theories
375:Supply and demand
310:Free price system
201:
200:
174:Financial planner
169:Financial analyst
164:Banks and banking
149:Corporate finance
16:(Redirected from
3726:
3613:Share repurchase
3325:Trading theories
3210:Crossing network
3168:Over-the-counter
3005:Restricted stock
2961:Secondary market
2932:
2925:
2918:
2909:
2908:
2881:
2862:
2843:
2820:
2792:
2667:Lefèvre, Edwin.
2581:Covel, Michael.
2570:
2569:
2567:
2565:
2556:. Archived from
2543:
2537:
2536:
2534:
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2515:
2509:
2508:
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2019:
2018:
1990:
1984:
1974:
1968:
1967:
1935:
1874:Seasonal traders
1859:Food speculation
1844:Financial market
1829:Equity (finance)
1608:corrective labor
1605:
1573:South Sea Bubble
1536:Great Depression
1513:economic bubbles
1507:Economic bubbles
1497:perverse effects
1437:efficient market
1317:
1313:
1197:
1190:
1183:
1167:
1166:
1155:
1154:
959:Critique of work
934:Capitalist state
617:Critique of work
500:Regulated market
402:Economic systems
355:Private property
305:Financial market
295:Entrepreneurship
290:Economic surplus
203:
202:
154:Personal finance
139:Financial market
93:Investment funds
88:Investment banks
55:
54:
21:
3734:
3733:
3729:
3728:
3727:
3725:
3724:
3723:
3699:
3698:
3697:
3692:
3683:Voting interest
3593:Public offering
3528:Mandatory offer
3502:Government bond
3482:DuPont analysis
3445:
3441:Value investing
3436:Value averaging
3431:Trend following
3416:Style investing
3411:Sector rotation
3326:
3320:
3299:Net asset value
3225:Stock valuation
3219:
3139:
3047:
3014:
3000:Preferred stock
2975:
2941:
2936:
2888:
2878:
2859:
2840:
2790:
2782:
2780:Further reading
2601:Douglas, Mark.
2578:
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2077:
2067:
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2042:
2040:
2027:
2026:
2022:
1991:
1987:
1975:
1971:
1936:
1932:
1928:
1923:
1804:Currency crisis
1789:Black Wednesday
1774:
1723:
1697:Black Wednesday
1693:Currency crisis
1685:
1654:
1641:food production
1622:
1616:
1569:Bubble Act 1720
1560:
1540:diversification
1509:
1493:
1488:
1477:
1464:
1452:
1441:price discovery
1430:By contrast, a
1425:bid–ask spreads
1421:illiquid market
1409:
1371:Nicholas Kaldor
1360:
1355:
1341:Benjamin Graham
1324:
1315:
1311:
1303:
1201:
1161:
1149:
1142:
1141:
1047:
1039:
1038:
1014:Post-capitalism
919:Anti-capitalism
914:
906:
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801:
793:
792:
713:
705:
704:
655:
647:
646:
543:
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534:
525:State-sponsored
403:
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260:Capital markets
225:
184:Fund governance
42:
35:
28:
23:
22:
15:
12:
11:
5:
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3719:Money managers
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3691:
3690:
3685:
3680:
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3643:Stock exchange
3640:
3638:Stock dilution
3635:
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3615:
3610:
3605:
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3595:
3590:
3585:
3580:
3575:
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3565:
3563:Mean reversion
3560:
3555:
3550:
3545:
3540:
3538:Market anomaly
3535:
3530:
3525:
3520:
3514:
3509:
3504:
3499:
3494:
3489:
3484:
3479:
3474:
3469:
3464:
3459:
3457:Bid–ask spread
3453:
3451:
3447:
3446:
3444:
3443:
3438:
3433:
3428:
3423:
3418:
3413:
3408:
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3396:
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3386:
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3365:
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3344:
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3333:
3331:
3322:
3321:
3319:
3318:
3313:
3307:
3302:
3296:
3291:
3286:
3284:Earnings yield
3281:
3279:Dividend yield
3276:
3270:
3264:
3258:
3252:
3246:
3241:
3235:
3229:
3227:
3221:
3220:
3218:
3217:
3212:
3207:
3201:
3195:
3189:
3183:
3177:
3171:
3170:(off-exchange)
3165:
3164:
3163:
3158:
3147:
3145:
3144:Trading venues
3141:
3140:
3138:
3137:
3132:
3131:
3130:
3120:
3115:
3110:
3105:
3100:
3099:
3098:
3093:
3083:
3078:
3073:
3072:
3071:
3066:
3055:
3053:
3049:
3048:
3046:
3045:
3043:Treasury stock
3040:
3035:
3030:
3024:
3022:
3016:
3015:
3013:
3012:
3010:Tracking stock
3007:
3002:
2997:
2992:
2986:
2984:
2977:
2976:
2974:
2973:
2968:
2963:
2958:
2956:Primary market
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2942:
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2934:
2927:
2920:
2912:
2906:
2905:
2899:
2894:
2887:
2886:External links
2884:
2883:
2882:
2876:
2863:
2858:978-0190623043
2857:
2844:
2838:
2821:
2803:(4): 831–859.
2781:
2778:
2777:
2776:
2764:Tharp, Van K.
2762:
2748:
2732:
2716:
2704:Sobel, Robert
2702:
2688:
2681:
2665:
2656:
2649:Harper, H. H.
2647:
2630:
2613:
2599:
2577:
2574:
2572:
2571:
2560:on 28 May 2008
2538:
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2223:978-1432954772
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1950:(3): 304–314.
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1834:European crime
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1734:
1709:Land value tax
1684:
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1653:
1650:
1618:Main article:
1615:
1612:
1559:
1556:
1517:feedback loops
1508:
1505:
1501:winner's curse
1492:
1491:Winner's curse
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913:Related topics
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340:Liberalization
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330:Invisible hand
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3618:Short selling
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3529:
3526:
3524:
3521:
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3515:
3513:
3510:
3508:
3507:Greenspan put
3505:
3503:
3500:
3498:
3495:
3493:
3492:Financial law
3490:
3488:
3485:
3483:
3480:
3478:
3475:
3473:
3470:
3468:
3467:Cross listing
3465:
3463:
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3455:
3454:
3452:
3450:Related terms
3448:
3442:
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3421:Swing trading
3419:
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3397:
3395:
3392:
3390:
3389:Mosaic theory
3387:
3385:
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3379:
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3374:
3373:Market timing
3371:
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3297:
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3161:Trading hours
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3076:Broker-dealer
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3033:Issued shares
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3020:Share capital
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2763:
2761:
2760:9781118582978
2757:
2753:
2749:
2747:
2746:9780061844638
2743:
2739:
2738:
2733:
2731:
2730:9780307453372
2727:
2723:
2722:
2717:
2715:
2714:1-58798-028-2
2711:
2707:
2703:
2701:
2700:0-471-67774-4
2697:
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2657:
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2645:9780060598990
2642:
2638:
2634:
2631:
2628:
2627:0-285-63095-4
2624:
2620:
2617:
2614:
2612:
2611:0-13-215757-8
2608:
2604:
2600:
2598:
2597:9780061241703
2594:
2590:
2589:HarperCollins
2586:
2585:
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2559:
2555:
2554:
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2456:on 2012-03-03
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2438:Philippines."
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2092:0-06-055566-1
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2016:
2012:
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1879:Short selling
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1664:of 2010, the
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1658:United States
1649:
1646:
1642:
1638:
1635:In 1935, the
1633:
1631:
1627:
1621:
1620:food security
1614:Food security
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1112:Neoliberalism
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1057:Authoritarian
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65:Organisations
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40:
33:
19:
3668:Tender offer
3627:
3588:Public float
3558:Market trend
3548:Market depth
3368:Growth stock
3342:Buy and hold
3251:(Cap-to-GDP)
3091:Floor trader
3081:Market maker
3064:Floor broker
3052:Participants
2995:Golden share
2990:Common stock
2966:Third market
2867:
2848:
2825:
2800:
2796:Econometrica
2794:
2765:
2751:
2735:
2719:
2705:
2691:
2684:
2668:
2659:
2650:
2636:
2618:
2616:Gunther, Max
2602:
2582:
2562:. Retrieved
2558:the original
2551:
2541:
2529:. Retrieved
2523:
2513:
2501:. Retrieved
2491:
2479:. Retrieved
2469:
2458:. Retrieved
2454:the original
2443:
2432:
2424:
2413:. Retrieved
2410:zakonbase.ru
2409:
2400:
2378:(3): 35–37.
2375:
2371:
2365:
2353:. Retrieved
2348:
2338:
2316:(1): 11–24.
2313:
2309:
2296:
2284:. Retrieved
2251:
2244:
2232:
2212:
2180:(1): 91–99.
2177:
2173:
2167:
2141:the original
2136:
2108:
2099:
2083:
2078:
2066:. Retrieved
2053:
2041:. Retrieved
2037:the original
2032:
2023:
1998:
1994:
1988:
1977:Stäheli 2013
1972:
1947:
1943:
1933:
1919:Volcker Rule
1904:Stock trader
1864:George Soros
1724:
1673:Volcker Rule
1670:
1655:
1634:
1623:
1596:Soviet Union
1593:
1561:
1548:
1521:
1510:
1494:
1478:
1466:Speculative
1465:
1453:
1445:
1429:
1413:pork bellies
1410:
1386:
1381:
1369:
1344:
1338:
1325:
1304:
1287:arbitrageurs
1280:
1268:collectibles
1233:
1212:
1206:
1034:Wage slavery
1018:
974:Evergreening
685:Mercantilism
632:Neoclassical
460:Mercantilist
437:
370:Rent seeking
335:Visible hand
189:Stock Market
144:Participants
50:Henry George
3673:Uptick rule
3653:Stock split
3633:Squeeze-out
3628:Speculation
3573:Open outcry
3462:Block trade
3394:Pairs trade
2633:Fox, Justin
2531:13 February
1914:Tulip mania
1814:Day trading
1746:hedge funds
1652:Regulations
1468:hedge funds
1314:in 1900 to
1312:4.4 million
1272:real estate
1229:short sales
1225:real estate
1213:speculation
1117:Objectivism
1102:Libertarian
1019:Speculation
939:Consumerism
773:Progressive
712:Development
695:Physiocracy
642:Supply-side
450:Libertarian
428:Free-market
408:Anglo-Saxon
390:Wage labour
345:Marginalism
315:Free market
270:Corporation
194:Super angel
3703:Categories
3678:Volatility
3658:Stock swap
3578:Order book
3329:strategies
3255:Book value
3123:Arbitrager
3118:Speculator
2774:0935219099
2679:0471678767
2460:2012-09-05
2415:2020-05-02
1979:, p.
1926:References
1779:Adventurer
1687:See also:
1604:спекуляция
1551:volatility
1532:hedge fund
1528:enterprise
1328:investment
1316:26 million
1256:currencies
1097:Liberalism
1082:Humanistic
1067:Democratic
1046:Ideologies
881:Schumpeter
627:Monetarist
558:Chartalism
505:Regulatory
480:Neoliberal
433:Humanistic
216:Capitalism
18:Speculator
3294:Fed model
3289:EV/EBITDA
3204:Dark pool
3135:Regulator
2980:Types of
2946:Types of
2503:21 August
2481:21 August
2355:2 January
2330:154819558
2286:29 August
2194:156163200
2068:27 August
2043:28 August
2015:154097642
1964:0261-5606
1909:Tobin tax
1889:Spahn tax
1742:oil price
1731:Tobin tax
1721:Spahn tax
1717:Tobin tax
1683:Proposals
1522:In 1936,
1432:commodity
1393:liquidity
1318:in 1932.
1295:investors
1217:commodity
1137:Third Way
1127:Privatism
1087:Inclusive
1072:Dirigisme
866:von Mises
753:Illiberal
733:Corporate
728:Community
675:Feudalism
585:Keynesian
575:Classical
418:Corporate
230:Austerity
3623:Slippage
3583:Position
3568:Momentum
3472:Dividend
3151:Exchange
3108:Investor
2591:, 2007.
2033:cftc.gov
1854:Flipping
1772:See also
1626:cropland
1544:shorting
1480:Shorting
1475:Shorting
1456:farmland
1291:fungible
1264:fine art
964:Cronyism
876:Rothbard
851:Marshall
836:Friedman
768:Merchant
723:Consumer
718:Advanced
553:Austrian
548:American
475:National
470:Monopoly
423:Dirigist
325:Investor
235:Business
224:Concepts
208:a series
206:Part of
3512:Haircut
3316:T-model
3128:Scalper
2948:markets
2817:2692246
2392:4478643
1738:leaders
1656:In the
1600:Russian
1499:by the
1401:hedgers
1389:capital
1301:History
1283:hedgers
1209:finance
1092:Liberal
1052:Anarcho
989:History
821:Malthus
816:Ricardo
778:Rentier
763:Marxist
743:Finance
654:Origins
622:Marxist
570:Chicago
530:Welfare
490:Private
445:Liberal
265:Company
250:Capital
134:Finance
3533:Margin
3401:(PMPT)
3263:(CAPM)
3113:Hedger
3086:Trader
3059:Broker
2982:stocks
2874:
2855:
2836:
2815:
2772:
2758:
2744:
2728:
2712:
2698:
2677:
2643:
2625:
2609:
2595:
2564:28 May
2390:
2328:
2259:
2220:
2192:
2090:
2013:
1962:
1719:, and
1417:spread
1274:, and
1244:stocks
891:Weaver
886:Veblen
861:Walras
856:Pareto
846:Keynes
748:Global
515:Social
485:Nordic
455:Market
365:Profit
108:Trusts
3709:Trade
3688:Yield
3663:Trade
3598:Rally
3519:(IPO)
3407:(RMH)
3380:(MPT)
3359:(EMH)
3312:(SML)
3301:(NAV)
3275:(DDM)
3269:(CML)
3240:(APT)
3233:Alpha
3200:(STP)
3194:(DMA)
3188:(ECN)
3182:(MTF)
3176:(ATS)
2813:JSTOR
2791:(PDF)
2658:----
2576:Books
2388:JSTOR
2326:S2CID
2306:(PDF)
2190:S2CID
2144:(PDF)
2133:(PDF)
2062:(PDF)
2011:S2CID
1248:bonds
1223:, or
1221:goods
901:Coase
896:Weber
841:Hayek
806:Smith
738:Crony
600:Post-
520:State
510:Rhine
465:Mixed
385:Value
350:Money
116:Terms
3523:Long
3327:and
3257:(BV)
3244:Beta
2872:ISBN
2853:ISBN
2834:ISBN
2770:ISBN
2756:ISBN
2742:ISBN
2726:ISBN
2710:ISBN
2696:ISBN
2675:ISBN
2641:ISBN
2623:ISBN
2607:ISBN
2593:ISBN
2566:2008
2533:2010
2505:2012
2483:2012
2357:2010
2288:2012
2257:ISBN
2218:ISBN
2088:ISBN
2070:2012
2045:2012
1960:ISSN
1729:The
1594:The
1397:risk
871:Rand
831:Marx
811:Mill
758:Late
590:Neo-
2805:doi
2433:IPS
2380:doi
2318:doi
2182:doi
2003:doi
1952:doi
1343:in
1207:In
1107:Neo
1077:Eco
826:Say
595:New
563:MMT
495:Raw
3705::
2832:.
2811:.
2801:69
2799:.
2793:.
2635:.
2587:.
2550:.
2522:.
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2386:.
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2031:.
2009:.
1999:14
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1958:.
1948:11
1946:.
1942:.
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