Hidden Collective Factors in Speculative Trading

A Study in Analytical Economics

  • Bertrand M. Roehner

Table of contents

  1. Front Matter
    Pages i-xv
  2. Prologue

    1. Bertrand M. Roehner
      Pages 1-11
    2. Bertrand M. Roehner
      Pages 13-46
  3. Hidden Collective Determinants

    1. Bertrand M. Roehner
      Pages 47-64
    2. Bertrand M. Roehner
      Pages 65-81
    3. Bertrand M. Roehner
      Pages 83-116
  4. Regularities in Speculative Episodes

    1. Bertrand M. Roehner
      Pages 117-149
    2. Bertrand M. Roehner
      Pages 151-178
    3. Bertrand M. Roehner
      Pages 179-195
  5. Epilogue

    1. Bertrand M. Roehner
      Pages 197-201
    2. Bertrand M. Roehner
      Pages 203-213
  6. Back Matter
    Pages 215-229

About this book


Besides analyzing stock markets, the book considers a wide range of speculative markets for various items such as real estate, commodities , postage-stamps, antiquarian books. In particular, it highlights the following regularities:(i) During a speculative episode, the price of expensive items increases more than the price of less expensive items. This is referred to as price multiplier effect.(ii) Price peaks for stocks and most commodities on average follow a well-defined pattern that we call the sharp peak - flat through pattern; in contrast real estate price peaks follow a flat peak pattern.(iii) The stocks whose prices experience the strongest increase during a bull market, better resist during the subsequent bear market, an effect referred to as the resilience pattern. Such regularities pave the way for a mathematical theory of speculation. Being mainly empirical, the book is easy to read and does not require technical prerequisites in finance, economics or mathematics.


Finance Neoliberalism Privatization Real-Estate Markets Social Fragmentation Speculation Speculative Bubbles Speculative Trading Spekulation Stock Markets

Authors and affiliations

  • Bertrand M. Roehner
    • 1
  1. 1.University Paris VII LPTHEParisFrance

Bibliographic information

  • DOI
  • Copyright Information Springer-Verlag Berlin Heidelberg 2001
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-662-04430-8
  • Online ISBN 978-3-662-04428-5
  • Buy this book on publisher's site
Industry Sectors
Chemical Manufacturing
Finance, Business & Banking
Consumer Packaged Goods