毕业论文外文资料翻译 王艳.docVIP

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 王 艳 学 号 20102221281 指导教师 原雪梅 二〇一三年四月十九日Jena Economic Research Papers ,2012 - 058 Margin Trading Bans in Experimental Asset Markets Woolridge Abstract In financial markets, professional traders leverage their trades because it allows to trade larger positions with less margin. Violating margin requirements, however, triggers a margin call and open positions are automatically covered until requirements are met again. What impact does margin trading have on the price process and on liquidity in financial asset markets? Since empirical evidence is mixed, we consider this question using experimental asset markets. Starting from an empirically relevant situation where margin purchasing and short selling is permitted, we ban margin purchases and/or short sales using a 2x2 factorial design to a allow for a comparative static analysis. Our results indicate that a ban on margin purchases fosters efficient pricing by narrowing price deviations from fundamental value accompanied with lower volatility and a smaller bid-ask-spread. A ban on short sales, however, tends to distort efficient pricing by widening price deviations accompanied with higher volatility and a large spread. Keywords: margin trading, Asset Market, Price Bubble, Experimental Finance Introduction However, regulators can only have a positive impact on the life-cycle of a bubble, if they know how institutional changes affect prices in financial markets. Note that regulation is a double-edged sword since decision errors may lead from bad to worse. Given the systemic risk posed by speculative bubbles and their long history, it may be surprising how little attention bubbles have received in the literature and