Overview

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.

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9783540412946

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From the reviews of the first edition: <p> This book promises a lot. a ] I found myself quite fascinated by the multitude of market events which are tabulated and carefully related to each other. a ] The book is an excellent example of why the econophysics approach is so very welcome in the finance field. a ] the book in general is an interesting and satisfying read. (Jessica James, Quantitative Finance, November 2001)

From the reviews of the first edition: This book promises a lot. a ] I found myself quite fascinated by the multitude of market events which are tabulated and carefully related to each other. a ] The book is an excellent example of why the econophysics approach is so very welcome in the finance field. a ] the book in general is an interesting and satisfying read. (Jessica James, Quantitative Finance, November 2001)

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