G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w10410
来源IDWorking Paper 10410
Heterogeneous Investors and their Changing Demand and Supply Schedules for Individual Common Stocks
Jung-Wook Kim; Jason Lee; Randall K. Morck
发表日期2004-04-12
出版年2004
语种英语
摘要Using 550 million limit orders submitted in the Korea Stock Exchange, we estimate demand and supply elasticities of heterogeneous investor types and their changes around the Asian financial crisis. We find that domestic individuals have substantially more inelastic demand and supply curves than domestic institutions and foreign investors. The crisis permanently reduced price elasticities of domestic individuals by 50% but had no effect on those of foreign investors. Institutional changes restricting margin purchases, implemented after the crisis, seem particularly important in explaining the dramatic drop. Information heterogeneity, availability of close substitutes and arbitrage risk also explain time-series variations in elasticities.
主题Financial Economics
URLhttps://www.nber.org/papers/w10410
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/568039
推荐引用方式
GB/T 7714
Jung-Wook Kim,Jason Lee,Randall K. Morck. Heterogeneous Investors and their Changing Demand and Supply Schedules for Individual Common Stocks. 2004.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w10410.pdf(555KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Jung-Wook Kim]的文章
[Jason Lee]的文章
[Randall K. Morck]的文章
百度学术
百度学术中相似的文章
[Jung-Wook Kim]的文章
[Jason Lee]的文章
[Randall K. Morck]的文章
必应学术
必应学术中相似的文章
[Jung-Wook Kim]的文章
[Jason Lee]的文章
[Randall K. Morck]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w10410.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。