2014
DOI: 10.1057/jam.2014.33
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Legitimate speculation versus excessive speculation

Abstract: The literature suggests that excessive speculation is hard to define, and thus difficult to regulate. The aim of this article is to provide a framework to differentiate between legitimate speculation and excessive speculation, using the efficient market mechanism as a guide (or blueprint). Specifically, I argue that all speculative strategies that improve market efficiency, based on public information, with no predatory/manipulative elements, can be classified as legitimate speculation, while all speculative s… Show more

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Cited by 6 publications
(1 citation statement)
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“…The computer program executes all trades, systematically based on preprogrammed rules. In fact, the key attraction of the quantitative active trading is the disciplined systematic approach, as the human emotion is completely eliminated out of the trading decisions process (Tokic, ).…”
Section: Active Investing and Historical Use Of Technology For Systemmentioning
confidence: 99%
“…The computer program executes all trades, systematically based on preprogrammed rules. In fact, the key attraction of the quantitative active trading is the disciplined systematic approach, as the human emotion is completely eliminated out of the trading decisions process (Tokic, ).…”
Section: Active Investing and Historical Use Of Technology For Systemmentioning
confidence: 99%