Code and Data for: Speculative Fever: Investor Contagion in the Housing Bubble

Principal Investigator(s): View help for Principal Investigator(s) Patrick Bayer, Duke University; Kyle Mangum, Federal Reserve Bank of Philadelphia; James W. Roberts, Duke University

Version: View help for Version V1

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README_SpecFever_data_code_final.pdf	application/pdf	220.8 KB	11/29/2020 10:08:AM
documentation_filelist.ods	application/vnd.oasis.opendocument.spreadsheet	31.5 KB	11/29/2020 10:06:AM
exhibit_library.ods	application/vnd.oasis.opendocument.spreadsheet	24.5 KB	09/19/2020 08:36:AM

Project Citation:

Bayer, Patrick , Mangum, Kyle, and Roberts, James W. Code and Data for: Speculative Fever: Investor Contagion in the Housing Bubble. Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-01-28. https://doi.org/10.3886/E120446V1

Project Description

Summary: Historical anecdotes of new investors being drawn into a booming asset market, only to suffer when the market turns, abound. 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 U.S. 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.

Scope of Project

JEL Classification:
      D40 Market Structure, Pricing, and Design: General
      D84 Expectations; Speculations
      R30 Real Estate Markets, Spatial Production Analysis, and Firm Location: General

Geographic Coverage: Greater Los Angeles, San Francisco, Boston metro areas

Time Period(s): 2000 – 2007 (Analysis period)

Collection Date(s): 1988 – 2012 (Time scope of property data)

Data Type(s): program source code

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Published Versions

V1 [2021-01-28]

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