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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——
基于券商的视角
学院经济学院
专业金融学
班级金融1003
学生
学号
指导教师
二〇一三年四月十九日
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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Introduction
However,regulatorscanonlyhaveapositiveimpactonthelife-cycleofabubble,-,-,-recurringnature,anexperimentalanalysisofbubbleformationinvolvingcontrolledandreplicablelaboratoryconditionsseemstobeapromisingwaytoproceed.
,,wesummarizeourfindingsandprovideconcludingremarks.
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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Domarginrequirementshaveanyeffectsonmarketprices?Fisher(1933)andalsoSnyder(1930),,brokers’loansrosefourandone-halftimes(by$)andinthefinalphasebroker’sborrowingsroseatmorethan100%,afterthepeakofthebubble,,’,in1934,:.(2006)andHaruvyandNoussair(2006)findpricestodeflate–evenbelowfundamentalvalueinthelatterstudy–whileKing,Smith,Williams,andVanBoening(1993),FellnerandTheissen(2006)findhigherpriceswithshortsaleconstraintsbutnotdependingonthedivergenceofopinionaspredictedbyMiller(1977).Inasettingwithsmartmoneytraders,Bhojraj,Bloomfield,andTayler(2009)reportshortsellingtoexacerbateoverpricing,(2012):Weuseamoreempiricallyrelevantfacilityinthattradershavetoprovidecollateralfacingthethreatofmargincalls.
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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,,tradersmakeabullmarketbet,,,,suchthattheloanexceedsthevalueoftheshareholdings(>equity),,i)thetrader’sbuttonsaredisabled,ii)outstandingordersarecancelled,andiii)thecomputerstartssellingsharesatthecurrentmarketpriceuntilmarginrequirementsaremetagainoruntil
,,tradersmakeabearmarketbet,,waitforthepricetodecline,,anincreaseinpricesincreasesdebtandreducescollateral(cashminusvalueofoutstandingshares),,suchthattheamounttobuybackoutstandingsharesexceedscollateral(>equity),,i)thetrader’sbuttonsaredisabled,ii)outstandingordersarecancelled,andiii)thecomputerstartsbuyingsharesatthecurrentmarketpriceuntilmarginrequirementsaremetagainoruntilallshortpositionshavebeencovered.
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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,,,theconsequencesofamargincallholdevenduringbankruptcy,
Byleveragingpurchasesandsales,?Toevaluatethisquestion,weclassifytradersintotypes,,whotradeonmarginatleastonce,-ofround-|NoSSandNoMP|,whoexecutedbothmarginpurchasesandshortsalesinMP|,wefindthattheaverageCVintheNoMP|NoSSislowerthananyothertreatmentAlthoughnotstatisticallysignificant,theresultsindicatethatitislessriskytoparticipateinmarketswithmarginbansthaninthemarketswheremargin
tradingispermitted.
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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Inanattempttohaltthedeclineinassetvalues,,,assetmispricingcanbemeasuredonlywithweakconfidence.
Incomparisontootherexperimentalstudieswherelimitstomargindebtandshortsalesarerare,,,ourexperimentalresultsareinlinewiththeoriesofmargintradingbyIrvineFischer(1933)andbyrecentheterogeneousagentsmodels(Geanakoplos2009),
Smithetal.(1988)assetmarketdesignhasbeenchallengedinrecentstudies(
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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11),-05826ofmarginpurchasesandshortsales,toseeifourtreatmenteffectscanberepeatedinanenvironmentwithnon-,recentexperimentsbyHauserandHuber(2012).
References
Abreu,D.,,2003,Bubblesandcrashes,Econometrica71,173–204.
Ackert,L.,,,2006,Margin,ShortSelling,andLotteriesinExperimentalAssetMarkets,SouthernEconomicJournal73,419–436.
Adrangi,,1999,MarginRequirementsandFuturesActivity:EvidencefromtheSoybeanandCornMarkets,JournalofFuturesMarkets,19,433-455.
Alexander,,,2008,Theeffectofpricetestsontraderbehaviorandmarketquality:AnanalysisofRegSHO,JournalofFinancialMarkets11,84–111.
Bai,Y.,,,2006,Assetpricesundershort-saleconstraints,Mimeo.
Beber,A.,,2010,Short-SellingBansaroundtheWorld:Evidencefromthe2007-09Crisis,TinbergenInstituteDiscussionPapersTI10-106/DSF1.
Bernardo,,2002,Financialmarketruns,NBERWorkingPapers9251,NationalBureauofEconomicResearch,Inc.
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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