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Delegated Asset Management, Investment Mandates, and Capital Immobility

He, Zhiguo - 2008

markets, and highlights important effects of negatively skewed risk on institutional incentive structures …

Persistent link: https://www.econbiz.de/10012464074

What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation

Barberis, Nicholas - 2006

explanation for this puzzle is based on prospect theory. Despite its prominence, this explanation has received little formal … scrutiny. We take up this task, and analyze the trading behavior of investors with prospect theory preferences. We find that …, at least for the simplest implementation of prospect theory, the link between these preferences and the disposition …

Persistent link: https://www.econbiz.de/10012466268

Risks in China’s Financial System

Song, Zheng Michael - 2018

: (1) financial crisis is unlikely to happen in the near future, and (2) the ultimate risk lies with China's economic …

Persistent link: https://www.econbiz.de/10012453483

Asset Float and Speculative Bubbles

Hong, Harrison - 2005

We model the relationship between asset float (tradeable shares) and speculative bubbles. Investors trade a stock with limited float because of insider lock-ups. They have heterogeneous beliefs due to overconfidence and face short-sales constraints. A bubble arises as price overweighs optimists'...

Persistent link: https://www.econbiz.de/10012467316

Executive Compensation and Short-termist Behavior in Speculative Markets

Bolton, Patrick - 2003

We present a multiperiod agency model of stock based executive compensation in a speculative stock market, where investors are overconfident and stock prices may deviate from underlying fundamentals and include a speculative option component. This component arises from the option to sell the...

Persistent link: https://www.econbiz.de/10012468976

Daily Price Limits and Destructive Market Behavior

Chen, Ting - 2017

We use account-level data from the Shenzhen Stock Exchange to show that daily price limits, a widely adopted market stabilization mechanism, may lead to unintended, destructive market behavior: large investors tend to buy on the day when a stock hits the 10% upper price limit and then sell on...

Persistent link: https://www.econbiz.de/10012453699

Bubbles, Crises, and Heterogeneous Beliefs

Xiong, Wei - 2013

individuals, to explain bubbles, crises, and endogenous risk in financial markets …

Persistent link: https://www.econbiz.de/10012459756