文档介绍：金融学专业毕业论文
济南大学毕业设计
济南大学毕业论文外文资料翻译
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毕业论文外文资料翻译
题 目 融资融券存在的马太效应分析——
基于券商的)and Haruvy and Noussair (2006) find prices to deflate–even below fundamental value in the latter study – while King, Smith, Williams, and Van Boening (1993) find no effect. In a setting with information asymmetries, Fellner and Theissen (2006) find higher prices with short sale constraints but not depending on the divergence of opinion as predicted by Miller (1977). In a setting with smart money traders, Bhojraj, Bloomfield, and Tayler (2009) report short selling to exacerbate overpricing, even though it reduces equilibrium price levels. Hauser and Huber (2012) find short selling constraints with two dependent assets to distort price levels. Our design deviates from the previous studies in several but one important way: We use a more empirically relevant facility in that traders have to provide collateral facing the threat of margin calls.
济南大学毕业设计
济南大学毕业论文外文资料翻译
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3. Implementing Margin Purchasing and Short Selling
We conducted four computerized treatments utilizing a 2x2 factorial design as displayed in Table II. Starting from an empirically relevant situation where margin purchases Traders execute margin purchases when they purchase shares by using loan, collateralized with shareholdings evaluated at the current market In this case, traders make a bull market bet, . they borrow cash to buy shares, wait for the price to rise and sell them with a profit. However, a decline in prices depreciates collateral while keeping loan constant. When prices fall below a certain threshold, such that the loan exceeds the value of the shareholdings (. debt > equity), a margin call is triggered. Immediately, i) the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts selling shares at the current market price until margin requirements are met again or until