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...

Since the growth of the art market into a capitalized global art industry, public and academic discourse on art auctions has been dominated by record prices. Despite the financial potential of art auctions as well as the public and academic interest in art, understanding of auction prices is...

This paper addresses the issue of the choice of the optimalinstrument to sell new shares, this choice being price versusquantity discrimination (rationing). Previous results in theliterature (Benveniste and Wilhelm, 1990) show that the issuing firmwould be better off if allowed to use both price...