This article shows that the presence of portfolio constraints can give rise to rational asset pricing bubbles in … opportunities. Furthermore, it is shown that when they are present bubbles can lead to both multiplicity and real indeterminacy of … make bubbles a necessary condition for the existence of an equilibrium …

reviews the theory and literature on market efficiency and market anomalies. We give a brief review on market efficiency and …. This review is useful to academics for developing cutting-edge treatments of financial theory that EMH, anomalies, and …

price bubbles. Liquidity risk is modeled as a stochastic quantity impact on the price from trading, where the size of the … impact depends on trade size. Asset price bubbles are generated by the existence of portfolio constraints, e.g. short sale …-return relation for the stock's expected return including both liquidity risk and asset price bubbles. This yields a generalized …