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On asset prices and leverage requirements : an experimental analysis

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dc.contributor.author Gehrig, Thomas P.
dc.contributor.author Levínský, René
dc.date.accessioned 2018-09-18T14:45:12Z
dc.date.available 2018-09-18T14:45:12Z
dc.date.issued 2018-04
dc.identifier.uri http://hdl.handle.net/10230/35459
dc.description.abstract The present study contributes to the ongoing debate on possible costs and benefis of leverage requirements. In particular, we run two series of electronic call auctions with heterogeneous agents in the laboratory where we change the leverage bounds as a treatment variable. Over the two treatments, participants in our experiment realise about forty percent of the possible gains from trade. We show, in accordance the theory, leverage bounds do affect the efficiency of the market and the price of the asset.
dc.description.sponsorship The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries ADEMU Working Paper Series;100
dc.rights This is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed.
dc.rights.uri https://creativecommons.org/licenses/by/4.0/
dc.subject.other Leverage bounds
dc.subject.other Asset pricing
dc.subject.other Behavioural finance
dc.title On asset prices and leverage requirements : an experimental analysis
dc.type info:eu-repo/semantics/workingPaper
dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/649396
dc.rights.accessRights info:eu-repo/semantics/openAccess


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