Asset Float and Speculative Bubbles

By Jose A. Scheinkman, Wei Xiong, Harrison G. Hong. 2006

447 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/86b69bba59175796a46d60db05f4e023b832eff9

Citations in the corpus

• Limits of Arbitrage (2010, unknown): “The search friction generates a short-selling cost, which increases in the demand for short-selling.”
• Who Drove and Burst the Tech Bubble (2011, unknown): “Consistent with Schultz (2008), we find little evidence that new supply of shares through lockup expirations drives price reversals in March 2000 or around individual stock peaks as argued by Ofek and Richardson (2003), Hong, Scheinkman, and Xiong (2006), and Xiong and Yu (2009).”
• The Price Impact of Institutional Herding (2011, unknown): “Proposition 8 For any v < v( ; ),22 there exists a > 0 such that for > the following strategies constitute an equilibrium: The fund manager trades as follows: (1) if vt 2 1 2 ; v , then at = ( 1 if st = 1 0 otherwise (2) If vt 2 1 v ; 12 ; then at = ( 1 if st = 0 0 otherwise (3) if vt =2 (1 v ; v ) ”
• Corporate Financing Decisions When Investors Take the Path of Least Resistance (2007, unknown): “Recent treatments include Chen, Hong, and Stein (2002), Scheinkman and Xiong (2003), and Hong, Scheinkman, and Xiong (2006).”
• Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia (2005, unknown): “Following the basic insights of Miller (1977), Harrison and Kreps (1978), Chen, Hong and Stein (2002), Scheinkman and Xiong (2003), and Hong, Scheinkman, and Xiong (2004) emphasize the joint eects of short-sales constraints and heterogeneous beliefs on stock prices.”
• Learning in Financial Markets (2009, unknown): “All of these predictions are confirmed empirically.”
• How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns (2007, unknown): “Miller (1977), Chen, Hong, and Stein (2002), and Hong, Scheinkman, and Xiong (2006), among others, develop models in which diversity of opinion about a firm's prospects leads to a downward-sloping demand curve for its stock.”
• Behavioural Finance: A Review and Synthesis (2007, unknown): “Hong et al. (2006) show that such phenomena can be exacerbated if assets have limited float (i.e., if a large number of shares are locked up with insiders who face selling restrictions.”
• Religious Beliefs, Gambling Attitudes, and Financial Market Outcomes (2011, unknown): “These and related activities are often associated with high levels of trading volume, high return volatility, and low average returns (e.g., Scheinkman and Xiong, 2003; Hong et al., 2006; Grinblatt and Keloharju, 2009; Dorn and Sengmueller, 2009).”
• Housing Supply and Housing Bubbles (2008, unknown): “1 Introduction In the 25 years since Shiller (1981) documented that swings in stock prices were extremely high relative to changes in dividends, a growing body of papers has suggested that asset price movements reflect irrational exuberance as well as fundamentals (DeLong et al.”
• Revisiting the empirical linkages between stock returns and trading volume (2012, unknown): “As discussed in Karpoff (1987), evidence on the return–volume relation not only enhances the knowledge on financial market structure, but also provides information to discriminate between competing theoretical models.”
• Stock Price Booms and Expected Capital Gains (2017, unknown): “Under RE, the Sharpe ratio would be tiny and approximately be given by77 E[rs] E[rb] Std[rs] E [Stdt(Ct+1=Ct)] = 0:00576: (44) 76Alternatively, the shocks "St may capture changes to asset oat, as discussed in Ofek and Richardson (2003) and Hong, Scheinkman, and Xiong (2006).”