Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/44965 
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dc.contributor.authorFellner, Gerlindeen
dc.contributor.authorTheissen, Eriken
dc.date.accessioned2011-03-16-
dc.date.accessioned2011-04-15T09:46:23Z-
dc.date.available2011-04-15T09:46:23Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/44965-
dc.description.abstractThe overvaluation hypothesis (Miller 1977) predicts that a) stocks are overvalued in the presence of short selling restrictions and that b) the overvaluation increases in the degree of divergence of opinion. We design an experiment that allows us to test these predictions in the laboratory. The results indicate that prices are higher with short selling constraints, but the overvaluation does not increase in the degree of divergence of opinion. We further find that trading volume is lower and bid-ask spreads are higher when short sale restrictions are imposed.en
dc.language.isoengen
dc.publisher|aUniversity of Cologne, Centre for Financial Research (CFR) |cCologneen
dc.relation.ispartofseries|aCFR working paper |x11-03en
dc.subject.jelC92en
dc.subject.jelG14en
dc.subject.ddc330en
dc.subject.keywordovervaluation hypothesisen
dc.subject.keywordshort selling constraintsen
dc.subject.keyworddivergence of opinionen
dc.titleShort sale constraints, divergence of opinion and asset value: Evidence from the laboratory-
dc.typeWorking Paperen
dc.identifier.ppn654201080en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfrwps:1103en

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