文档介绍：1 金融学融资融券论文中英文对照资料外文翻译文献 Margin Trading Bans in Experimental Asset Markets Woolridge Abstract In financial markets, professional traders leverage their trades because it allows to trade larger positions with less margin. Violating margin requirements, however, triggers a margin call and open positions are automatically covered until requirements are met again. What impact does margin trading have on the price process and on liquidity in financial asset markets? Since empirical evidence is mixed, we consider this question using experimental asset markets. Starting from an empirically relevant situation where margin purchasing and short selling is permitted, we ban margin purchases and/or short sales using a2x2 factorial design toa allow for parative static analysis. Our results indicate that a ban on margin purchases fosters efficient pricing by narrowing price deviations from fundamental value panied with lower volatility and a smaller bid-ask-spread. A ban on short sales, however, tends to distort efficient pricing by widening price deviations panied with higher volatility and a large spread. Keywords: margin trading, Asset Market, Price Bubble, Experimental Finance 2 1. Introduction However, regulators can only have a positive impact on the life-cycle ofa bubble, if they know how institutional changes affect prices in financial markets. Note that regulation isa double-edged sword since decision errors may lead from bad to worse. Given the systemic risk posed by speculative bubbles and their long history, it may be surprising how little attention bubbles have received in the literature and how little understood they are. This ignorance is partly due to plex psychological nature of speculative bubbles but also due to the fact that the conventional financial economic theory has ignored the existence of bubbles for a long-time. But even if theories on bubble cycles have empirical relevance, it is clear that the issues surrounding the formation and the bursting of bubb