منابع مشابه
Asset Prices Under Short-Sale Constraints
In this paper, we study how short-sale constraints affect asset price and market efficiency. We consider a fully rational expectations equilibrium model, in which investors trade for two reasons, to share risk and to speculate on private information, but they face short-sale constraints. Short-sale constraints limit both types of trades, and thus reduce the allocational and informational effici...
متن کاملTimber Sale Auctions with Random Reserve Prices
This paper analyses first-price sealed-bid auctions of standing timber organized by the French Forest Service, Office National des Forests (ONF). A particular feature of these auctions is that they are held with random reserve prices. We consider an auction model with a random reserve price within the independent private value paradigm. After establishing the identification of the model, we est...
متن کاملThe Value of Terroir: Hedonic Estimation of Vineyard Sale Prices
We examine the value of terroir, which refers to the special characteristics of a place that impart unique qualities to the wine produced. We do this by conducting a hedonic analysis of vineyard sales in the Willamette Valley of Oregon to ascertain whether site attributes, such as slope, aspect, elevation, and soil types, or designated appellations are more important determinants of price. We f...
متن کاملAn Analysis of Residential Auction Sale Prices and Quoted Guide Prices
The majority of the literature concerned with residential auctions has examined whether houses sell at lower or higher prices in comparison with a private treaty negotiated sale. A number of studies have shown, both theoretically and empirically, that auctioned properties should not sell at a premium in comparison to private treaty sales. Mayer (1994) argues that as private sellers can wait lon...
متن کاملEndogenous Short-sale Constraint, Stock Prices and Output Cycles
This study examines the effect of short-sale constraints on a stock market, in particular, on stock prices, trading volume, and the relationship between stock price movements and output cycles. The economic model features incomplete markets and heterogeneous agents. The short-sale constraint is endogenously determined in the economy and is a function of agents’ risk aversion, time preference, a...
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ژورنال
عنوان ژورنال: The Library
سال: 1905
ISSN: 0024-2160,1744-8581
DOI: 10.1093/library/s2-vi.22.173