The paper firstly constructs a theoretical speculation model for China real estate. Then we investigate the relationships between real estate price and speculative behavior with data from 14 cities.

本文首先构建了适合中国的房地产投机理论模型，然后利用该模型对中国14个城市房地产价格波动与投机行为的关系进行实证研究。

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The irrational speculative bubbles thinks the asset price bubbles is made by the behavior of investor in market.

非理性投机泡沫认为，资产价格泡沫是市场主体行为的结果，是一种客观存在。

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The paper explains the mechanics of speculative attacks by analyzing the behavior of participants of forward foreign exchange market, which is tested by the experience of Baht.

通过分析货币危机中远期外汇市场参与者——投机者、商业银行和中央银行的行为 ，阐明投机性冲击的一般机制 ，并以泰铢汇率变动经验进行验证 ，进而提出对策建议。

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"To me, many of these projects are a result of easy access to capital and a combination of wishful thinking and speculative behavior rather than rational business calculations, " said Victor Teo, assistant professor at the University of Hong Kong.

CNN: World's biggest mall a China 'ghost town'

In the short run, at least, the herd behavior of the pros makes it even harder for you to take a winning bet against the "speculative element" in a stock's price.

WSJ: Intelligent Investor: Don't Bet the House on Efficient-Market Model