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  • Price determination in a simple market with and without short sales = Določanje cen na enostavnem trgu ob prisotnosti oziroma odsotnosti kratke prodaje
    Gehr, Adam K., Jr.
    Miller (1977) argued that prohibiting or constraining short sales causes securities to be o verpriced because traders with low estimates of value do not participate in the market. Markets with short ... sales should, therefore, price securities correctly because all traders participate. This paper shows that Miller's (1977) result is not necessarily true. Even in the absence of short sales, securities may be overpriced, underpriced or correctly priced if bidders bid their estimate of the security's value. On the other hand, if short sales are allowed, the market will consistently exhibit underpricing. We also show how bidders may adjust their bids to account for the presence of the bias.
    Vir: Naše gospodarstvo : revija za aktualna gospodarska vprašanja = Our economy : review of current problems in economics. - ISSN 0547-3101 (Letn. 56, št. 3/4, 2010, str. 3-10)
    Vrsta gradiva - članek, sestavni del
    Leto - 2010
    Jezik - angleški
    COBISS.SI-ID - 10300188

    Povezava(-e):

    Digitalna knjižnica Univerze v Mariboru – DKUM
    Digitalna knjižnica Slovenije - dLib.si

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