The effect of short-selling on bubbles and crashes in experimental spot asset markets

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Bubble measures in experimental asset markets (2010, background): “Notes: Pp = mean price of period p; FVp = fundamental value of period p; FV = mean fundamental value in the market; MedianPp = the median price in period p; N = total number of periods a Porter and Smith (1995), Hussam et al. (2008), Noussair et al. (2001 ), Lei et al. (2002), Lei and Vesely (2009),”
Bubbles, Financial Crises, and Systemic Risk (2012, positive): “Chen, Hong, and Stein (2001) also document that high trading volume relative to trend forecasts negative skewness (future crashes), consistent with the heterogeneousbeliefs model put forward in Hong and Stein (2003). A number of papers also explore the role of credit in heterogeneous-beliefs models.”
The Good News in Short Interest (2010, neutral): “Two more recent studies, one with a theoretical model (Gallmeyer and Hollifield, 2008) and one with a series of experiments (Haruvy and Noussair, 2006), show that short sale constraints can cause both overvaluation and undervaluation.”
Emotional State and Market Behavior (2013, neutral): “This difference is referred to as the Bias in a market by Haruvy and Noussair (2006).”