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When a master dies: speculation and asset float

Pénasse, Julien; Renneboog, Luc; Scheinkman, José … - 2020

The death of an artist constitutes a negative shock to his future production; it permanently decreases the artist's float. We use this shock to test predictions of speculative trading models with short-selling constraints. Symmetrically to Hong et al. (2006), where an increase in float decreases...

Persistent link: https://www.econbiz.de/10012233216

Closing Auction, Passive Investing, and Stock Prices

Wu, Yanbin - 2019

Over the last decade, the volume of market-on-close orders has increased to more than 10% of the entire day's trading volume. This paper investigates this rise and documents four stylized facts: (i) passive investing leads to greater usage of market-on-close orders, consistent with passive...

Persistent link: https://www.econbiz.de/10012864385

Divergence of Opinion and Long-Run Performance of Private Placements : Evidence from the Auction Market

Han, Jianlei - 2018

In this paper, we propose and construct a direct measure of investors' divergence of opinionbased on auction bids data …

Persistent link: https://www.econbiz.de/10012933111

Institutional Investor Inattention and Pricing Accuracy in Auctioned Ipos

Chi, Yeguang; He, Jingbin; Ma, Xinru; Wu, Fei - 2022

We investigate a unique dataset of Chinese IPOs from 2009 to 2012. First, we find that institutional investors who participate in multiple IPOs on a single day suffer from limited attention and submit less accurate bids. Second, we form several proxies for investor attention capacity and show...

Persistent link: https://www.econbiz.de/10013404330

Dutch auction dynamics in non-fungible token (NFT) markets

Shannon, Darren; Dowling, Michael; Zhaf, Marjan; … - In: Economic modelling 141 (2024), pp. 1-20

Persistent link: https://www.econbiz.de/10015192270

Compensation schemes, liquidity provision, and asset prices : an experimental analysis

Baghestanian, Sascha; Gortner, Paul; Massenot, Baptiste - 2015

limited liability investors contribute to asset price bubbles by increasing liquidity provision and that caps fail to tame … bubbles. Overall, giving investors skin in the game fosters financial stability. …

Persistent link: https://www.econbiz.de/10010530580

Thar she blows again : reducing anchoring rekindles bubbles

Baghestanian, Sascha; Walker, Todd B. - 2014

We investigate the relationship between anchoring and the emergence of bubbles in experimental asset markets. We show … significantly reduce bubbles in laboratory asset markets. If no FV-anchor is set, bubble-crash patterns emerge. Our results indicate … that bubbles in laboratory environments are primarily sparked in the first period. If prices are initiated around the FV …

Persistent link: https://www.econbiz.de/10010365125

Price bubbles sans dividend anchors : evidence from laboratory stock markets

Hirota, Shin'ichi (contributor); Sunder, Shyam (contributor) - 2005

consequent difficulty of backward induction are important contributors to the emergence of price bubbles. -- stock price bubbles …

Persistent link: https://www.econbiz.de/10002868667

Anchoring in experimental asset markets

Baghestanian, Sascha; Walker, Todd B. - 2015

Persistent link: https://www.econbiz.de/10012061107

Speculating in zero-value assets : the greater fool game experiment

Holzknecht, Armando; Huber, Jürgen; Kirchler, Michael; … - 2024

In a pre-registered laboratory asset market study, we investigate dynamics of asset markets with zero (or close to zero) fundamental values. We introduce the "greater fool asset market game" with a zero-value token, whose price doubles in each period. We design several treatments, which differ...

Persistent link: https://www.econbiz.de/10015125380