The Effect of Short Selling on Bubbles And Crashes in Experimental Spot Asset Markets  

Oleh:

Haruvy, Ernan ; Noussair, Charles N.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 3 (Jun. 2006), page 1119-1158.
Topik: bubbles; economic models; studies; short sales; stock prices
Fulltext: p 1119.pdf (383.83KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

A series of experiments illustrate that relacing short - selling constraints lowers prices in experimental asset markets, but does not induce prices to track fundamentals. We argue that prices in experimental asset markets are influenced by restrictions on short - selling capacity and limits on the cash available for purchases. Restrictions n short sales in the form of cash reserve requirements and quantity limits on shirt positions behave in a similar manner. A simulation model, based on DeLong et al. (1990), generates average price patterns that are similar to the observed data.

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