Asset Float And Speculative Bubbles  

Oleh:

Hong, Harrison ; Scheinkman, Jose ; Wei, Xiong

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 3 (Jun. 2006), page 1073-1118.
Topik: assets; economic models; studies; investment policy; securities trading; correlation analysis
Fulltext: p 1073.pdf (414.95KB)

Ketersediaan

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

Lihat Detail Induk

Isi artikel

We model the relationship between asset float (tradeable shares) and speculative bubbles. Investors with heterogeneous beliefs and short-sales constraints trade a stock with limited float because of insider lockups. A bubble arises as price overweights optimists : beliefs and unvesyors anticipate the option to resell to those with even higher valuations. The bubble's size depends on float as investors anticipate an increase in float with lockup expirations and speculate over the degree of insider selling. Consistent with the interest experience, the bubble, turnover, and volatility decrease with float and prices drop on the lockup expiration date.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali