Speculators and Middlemen : The Strategy and Performance of Investors in the Housing Market

@inproceedings{Bayer2015SpeculatorsAM,
  title={Speculators and Middlemen : The Strategy and Performance of Investors in the Housing Market},
  author={Patrick Bayer and Christopher Geissler and Kyle Mangum and James W. Roberts},
  year={2015}
}
Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on investor behavior that is consistent with several rationales for speculative investment in the finance literature, including the roles of middlemen and näıve speculators. Speculative activity by novice… CONTINUE READING