000			01201nam a22001577a 4500
999			_c517954 _d517954
008			210806b ||||| |||| 00| 0 eng d
100			_aBayer, P., Mangu, K. and Roberts J W. _928336
245			_aSpeculative fever: Investor contagion in the housing bubble
260			_aThe American Economic Review
300			_a3(2), Feb, 2021: p.609-651
520			_aHistorical anecdotes abound of new investors being drawn into a booming asset market, only to suffer when the market turns. While the role of investor contagion in asset bubbles has been explored extensively in the theoretical literature, causal empirical evidence on the topic is much rarer. This paper studies the recent boom and bust in the US housing market and establishes that many novice investors entered the market as a direct result of observing investing activity of multiple forms in their own neighborhoods and that "infected" investors performed poorly relative to other investors along several dimensions. – Reproduced
650			_aEquities; Fixed Income Securities, Household Finance: Household Saving, Borrowing, Debt, Wealth _928337
773			_aThe American Economic Review
906			_aEQUISITIES
942			_cAR