全球智库信息集成服务系统(G2TT): The Chinese Warrants Bubble

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w15481
来源ID	Working Paper 15481
	The Chinese Warrants Bubble
	Wei Xiong; Jialin Yu
发表日期	2009-11-05
出版年	2009
语种	英语
摘要	In 2005-08, over a dozen put warrants traded in China went so deep out of the money that they were certain to expire worthless. Nonetheless, each warrant was traded nearly three times each day at substantially inflated prices. This bubble is unique, because the underlying stock prices make the zero warrant fundamentals publicly observable. We find evidence supporting the resale option theory of bubbles: investors overpay for a warrant hoping to resell it at an even higher price to a greater fool. Our study confirms key findings of the experimental bubble literature and provides useful implications for market development.
主题	Financial Economics ; Financial Markets
URL	https://www.nber.org/papers/w15481
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/573157
推荐引用方式 GB/T 7714	Wei Xiong,Jialin Yu. The Chinese Warrants Bubble. 2009.