| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26831 |
| 来源ID | Working Paper 26831 |
| When a Master Dies: Speculation and Asset Float | |
| Julien Pénasse; Luc Renneboog; José A. Scheinkman | |
| 发表日期 | 2020-03-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The death of an artist constitutes a negative supply shock to his future production; in finance terms, this supply shock reduces the artist's float. Intuition may thus suggest that this supply shock reduces the future auction volume of the artist. However, if collectors have fluctuating heterogeneous beliefs, since they cannot sell short, prices overweigh optimists' beliefs and have a speculative component. If collectors have limited capacity to bear risk, an increase in float may decrease subsequent turnover and prices (Hong et al. 2006). Symmetrically, a negative supply shock leads to an augmentation of prices and turnover. We find strong support for this prediction in the data on art auctions that we examine. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance ; Other ; Culture |
| URL | https://www.nber.org/papers/w26831 |
| 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/584504 |
| 推荐引用方式 GB/T 7714 | Julien Pénasse,Luc Renneboog,José A. Scheinkman. When a Master Dies: Speculation and Asset Float. 2020. |
| 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 | ||
| w26831.pdf（596KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 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。
