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History[ edit ] With the appearance of the stock ticker machine inwhich removed the need for traders to be physically present on the floor of a stock exchange, stock speculation underwent a dramatic expansion through the end of the s.
The number of shareholders increased, perhaps, from 4. Some sources note that speculation is simply a higher risk form of investment.
Others define speculation more narrowly as positions not characterized as hedging.
Commodity Futures Trading Commission defines a speculator as "a Risky but good college essays who does not hedge, but who trades with the objective of achieving profits through the successful anticipation of price movements.
Nicholas Kaldor  has long recognized the price-stabilizing role of speculators, who tend to even out "price-fluctuations due to changes in the conditions of demand or supply," by possessing "better than average foresight. Let's consider some of the principles that explain the causes of shortages and surpluses and the role of speculators.
When a harvest is too small to satisfy consumption at its normal rate, speculators come in, hoping to profit from the scarcity by buying. Their purchases raise the price, thereby checking consumption so that the smaller supply will last longer.
Producers encouraged by the high price further lessen the shortage by growing or importing to reduce the shortage. On the other side, when the price is higher than the speculators think the facts warrant, they sell.
This reduces prices, encouraging consumption and exports and helping to reduce the surplus. Another service provided by speculators to a market is that by risking their own capital in the hope of profit, they add liquidity to the market and make it easier or even possible for others to offset riskincluding those who may be classified as hedgers and arbitrageurs.
Market liquidity and efficiency[ edit ] If any market, such as pork bellieshad no speculators, only producers hog farmers and consumers butchers, etc. With fewer players in the market, there would be a larger spread between the current bid and ask price of pork bellies.
Any new entrant in the market who wanted to trade pork bellies would be forced to accept this illiquid market and might trade at market prices with large bid-ask spreads or even face difficulty finding a co-party to buy or sell to.
By contrast, a commodity speculator may profit the difference in the spread and, in competition with other speculators, reduce the spread.
Some schools of thought argue that speculators increase the liquidity in a market, and therefore promote an efficient market.
Speculators take information and speculate on how it affects prices, producers and consumers, who may want to hedge their risks, needing counterparties if they could find each other without markets it certainly would happen as it would be cheaper.
A very beneficial by-product of speculation for the economy is price discovery. On the other hand, as more speculators participate in a market, underlying real demand and supply can diminish compared to trading volume, and prices may become distorted. For example, a farmer might be considering planting corn on some unused farmland.
However, he might not want to do so because he is concerned that the price might fall too far by harvest time. By selling his crop in advance at a fixed price to a speculator, he is now able to hedge the price risk and so he can plant the corn.
Thus, speculators can actually increase production through their willingness to take on risk not at the loss of profit. Finding environmental and other risks[ edit ] Speculative hedge funds that do fundamental analysis "are far more likely than other investors to try to identify a firm's off-balance-sheet exposures" including "environmental or social liabilities present in a market or company but not explicitly accounted for in traditional numeric valuation or mainstream investor analysis".
Hence, they make the prices better reflect the true quality of operation of the firms.
The winner's curse, is however, not very significant to markets with high liquidity for both buyers and sellers, as the auction for selling the product and the auction for buying the product occur simultaneously, and the two prices are separated only by a relatively small spread.A materials culture and the secure transport of light: Essays here tend to be about globalization and technology.
The 3 types of essays: Good, Bad, Risky Posted at h in Essay Writing by Lee Bierer If they made a movie about nailing the perfect admissions essay, the title might be: “The Good, The Bad and The Risky.”.
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