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trajectory. We report a new experiment in which we replicate their findings for the specific cash levels they use. However, a new …, overpricing and market bubbles are observed, indicating that greater cash levels are indeed associated with higher prices, even …
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In the experiment, subjects have tables at their disposal that indicate the expected future dividend stream, which … fundamental value of the asset is common knowledge at all times during the experiment. Nonetheless, a considerable fraction of … bubbles in markets when resale is allowed. …
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