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Some economists argue that the fundamental value of gold is determined by its value in jewelry. In 2009, for the first time, investment demand for gold exceeded demand for gold to be used in jewelry. An article quoted Willem Buiter, the chief economist for Citigroup, as saying that it is a mistake to invest in "something without intrinsic value, something whose positive value is based on nothing more than a set of self-confirming beliefs." He described the increase in gold price in 2010 as a bubble.
a. Does gold have intrinsic value? Why might Buiter have said that it didn't?
b. In what sense does a bubble in the price of an asset result from a "set of self-confirming beliefs"?
c. How might it be possible to tell whether an increase in the price of gold represents a bubble?
Assume the arithmetic mean returns in these series are normally distributed. Calculate the range of return that an investor would have expected to achieve 95 percent of the time from holding common stocks.
Suppose a U.S. investor buys shares on a foreign stock exchange. When the shares are eventually sold, the holding period return will be
What is one example you see of how behavioral finance impacts modern markets
douglass inc. has sales of 132000 costs of 103000 depreciation expense of 11000 and interest paid of 4100. the tax rate
In what ways are the Sampsons' financing and investing decisions related? What should they do in the future before asking advice from investment advisers?
Assume a constant supply of loanable funds. When government deficit spending leads to increases in the demand for loanable funds, do interest rates always rise? Explain.
Dr. Steve just decided to save money each year for the next 4 years to help build a new office. It it earns 5.5 percent on its saving, how much will the Doctor have saved at the end of 4 years?
Why do you suppose so many fell into this trap? Or was Jim Koch a poor executive in not bringing Boston Beer up to their expectations?
Suppose 144 yen could be purchased in the foreign exchange market for one U.S. dollar today. If the yen depreciates by 8.0% tomorrow, how many yen could one U.S. dollar buy tomorrow?
What type of IPO should Avaya use - a traditional IPO or an online auction? Based on your analysis and findings, what would you recommend to the executives of Avaya corporation?
acquisition by exchanging stock. company r wishes to acquire company s. company rs stock sells for 100 per share.
Which is the best measure of risk for a single asset held in isolation
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