20.500.12556/DKUM-52522 Borzni mehurčki in racionalnost špekuliranja Stock market bubbles and rationality of speculating V članku analiziramo borzne mehurčke in se sprašujemo o njihovem obstoju. S temeljnega vidika je namreč v času nastajanja mehurček nemogoče prepoznati, pač pa moramo počakati dovolj dolgo, da vidimo, če so bili tečaji morda upravičeni s prihodnjimi denarnimi tokovi. Navedemo tudi druge tržne omejitve, zaradi katerih borzni mehurčki na trgu z racionalnimi pričakovanji ne bi smeli obstajati. Ker pa empirični testi mehurčke potrjujejo, analiziramo vedenje racionalnih trgovcev - špekulantov, ki so zaradi možnosti kasnejše preprodaje ali/in kapitalskega dobička pripravljeni za finančni instrument plačati več, kot bi bili pripravljeni plačati, če bi ga morali zadržati za vedno. In this paper we analyze stock market bubbles and we question their existence. We argue that from the fundamental point of view it is impossible to identify a bubble immediately, but we have to wait a sufficient amount of time to determine whether prices can be justified by future cash flows. We also review other market constraints which show that on a market with rational expectations equilibrium, bubbles should not exist. However, empirical tests show that bubbles do exist and we analyze the behaviour of rational traders, or speculators, who are willing to pay more for an asset that they know they can later resell than they would be willing to pay if they had to keep the asset forever. borze borzništvo true false false Društvo ekonomistov Maribor Slovenski jezik Angleški jezik Delo ni kategorizirano 2015-07-10 17:47:49 2015-07-10 17:47:49 2022-06-01 03:06:36 2019-07-11 07:47:07 2009 0 0 str. 113-116 št. 1/2 Letn. 55 2009 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336.76.066 751364 9772316 0547-3101 URN:SI:UM:DK:RZDC1IR2 http://www.dlib.si/details/URN:NBN:SI:DOC-GRTJ9DC0 1 https://dk.um.si/Dokument.php?lang=slv&id=77081 Ekonomsko-poslovna fakulteta Naše gospodarstvo 0 0 0