Please use this identifier to cite or link to this item:
https://hdl.handle.net/10419/44965
Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Fellner, Gerlinde | en |
dc.contributor.author | Theissen, Erik | en |
dc.date.accessioned | 2011-03-16 | - |
dc.date.accessioned | 2011-04-15T09:46:23Z | - |
dc.date.available | 2011-04-15T09:46:23Z | - |
dc.date.issued | 2011 | - |
dc.identifier.uri | http://hdl.handle.net/10419/44965 | - |
dc.description.abstract | The 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.iso | eng | en |
dc.publisher | |aUniversity of Cologne, Centre for Financial Research (CFR) |cCologne | en |
dc.relation.ispartofseries | |aCFR working paper |x11-03 | en |
dc.subject.jel | C92 | en |
dc.subject.jel | G14 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | overvaluation hypothesis | en |
dc.subject.keyword | short selling constraints | en |
dc.subject.keyword | divergence of opinion | en |
dc.title | Short sale constraints, divergence of opinion and asset value: Evidence from the laboratory | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 654201080 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:cfrwps:1103 | en |
Files in This Item:
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.