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Disagreement-Based Trading and Speculation: Implications for Financial Regulation and Economic Theory

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  • Biondi Yuri

    (CNRS, France)

Abstract

Lynn Stout’s paper develops an insightful legal-economic analysis of speculative trading. From one hand, the paper discusses the legal-economic framework of speculation and its recent transformation, making reference to the case of derivatives markets crash (and related financial crisis) of 2007. From another hand, the paper foreshadows a thought-provoking economic model of trade (and speculation) based on disagreement, advocating further developments that take into account market manipulation and conflict of interest, whilst relaxing alleged assumptions (and beliefs) on universal fundamental value and perfect forecasting.

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Bibliographic Info

Article provided by De Gruyter in its journal Accounting, Economics, and Law.

Volume (Year): 1 (2011)
Issue (Month): 1 (January)
Pages: 1-8

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Handle: RePEc:bpj:aelcon:v:1:y:2011:i:1:n:11

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Cited by:
  1. Biondi, Yuri & Giannoccolo, Pierpaolo & Galam, Serge, 2012. "Formation of share market prices under heterogeneous beliefs and common knowledge," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(22), pages 5532-5545.
  2. Yuri Biondi & Simone Righi, 2013. "What does the financial market pricing do? A simulation analysis with a view to systemic volatility, exuberance and vagary," Papers 1312.7460, arXiv.org.

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