TY  - UNPD
A1  - Fellner, Gerlinde
A1  - Theissen, Erik
T1  - Short sale constraints, divergence of opinion and asset values: evidence from the laboratory
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,05
N2  - The overvaluation hypothesis (Miller 1977) predicts that a) stocks are overvalued in the presence of short selling restrictions and that b) the overvaluation increases in the degree of divergence of opinion. We design an experiment that allows us to test these predictions in the laboratory. The results indicate that prices are higher with short selling constraints, but the overvaluation does not increase in the degree of divergence of opinion. We further find that trading volume is lower and bid-ask spreads are higher when short sale restrictions are imposed. JEL Classification: C92, G14 Keywords: Overvaluation Hypothesis , Short Selling Constraints , Divergence of Opinion
T3  - CFS working paper series - 2011, 05 
KW  - Overvaluation Hypothesis
KW  - Short Selling Constraints
KW  - Divergence of Opinion
KW  - Blankoverkauf
Y1  - 2011
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/20889
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-91482
IS  - Version January 2011
ER  -