Based on the demand - supply theory, the paper explains the effect of speculative demand on housing price and the formation mechanism of price bubbles.

本文利用住宅市场的供求关系理论，解释了投机需求对住宅市场价格的影响以及价格泡沫的形成机制。

youdao

A person who buys commodities or securities in anticipation of a rise in prices or who tries by speculative purchases to effect such a rise.

在预测物价要上涨前购进商品或证券的人或试图通过投机买卖来影响物价上涨的人。

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The speculative excess brings in more steel than the market demands, and has a detrimental effect on pricing.

过度投机带来超过市场需求的钢铁，对定价产生不利影响。

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Perhaps the day is not far off when Ford will produce a positive effect on the market by moving up and out of the speculative grade universe.

FORBES: Odds Favor High-Yield Bonds

Unfortunately, there is currently no exchange-traded fund available by which you can efficiently capture the group effect of owning (or shorting) the full investment grade or speculative grade sample.

FORBES: Use Bond Ratings To Pick Stocks