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Cash inflow and trading horizon in asset markets

Razen, M. (author)
Huber, J. (author)
Kirchler, Michael, 1977 (author)
Gothenburg University,Göteborgs universitet,Institutionen för nationalekonomi med statistik,Centrum för finans,Department of Economics,Centre for Finance
 (creator_code:org_t)
Elsevier BV, 2017
2017
English.
In: European Economic Review. - : Elsevier BV. - 0014-2921. ; 92, s. 359-384
  • Journal article (peer-reviewed)
Abstract Subject headings
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  • It is conjectured that one of the major ingredients of historic financial bubbles was the inflow of money in various forms. We run 36 laboratory asset markets to investigate the joint effect of cash inflow and trading horizon on price efficiency. We show that markets with cash inflow and long trading horizon exhibit bubbles and crashes. We also observe that markets with extended trading horizon but without cash inflow and markets with shorter trading horizon do not trigger bubbles. Finally, we report that beliefs about prices and, importantly, about (constant) fundamentals follow bubble patterns as well.

Subject headings

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv (hsv//swe)
SOCIAL SCIENCES  -- Economics and Business (hsv//eng)

Keyword

Experimental finance
Cash inflow
Trading horizon
Backward induction
Asset market
Price
rational-expectations
price efficiency
security markets
stock-prices
bubbles
crashes
information
risk
behavior
traders
Business & Economics

Publication and Content Type

ref (subject category)
art (subject category)

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Razen, M.
Huber, J.
Kirchler, Michae ...
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SOCIAL SCIENCES
SOCIAL SCIENCES
and Economics and Bu ...
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European Economi ...
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University of Gothenburg

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