When a Master Dies: Speculation and Asset Float
| Autor: | Julien Pénasse, Luc Renneboog, José A Scheinkman |
|---|---|
| Přispěvatelé: | Tilburg Law and Economic Center (TILEC), Research Group: Finance, Department of Finance |
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
trading volume
Economics and Econometrics 050208 finance auction 05 social sciences Finance [B03] [Business & economic sciences] humanities alternative investment premature deceas economics of art short selling constraints resell option Accounting 0502 economics and business pricing models art auction Finance [B03] [Sciences économiques & de gestion] 050207 economics artist death Finance health care economics and organizations |
| Zdroj: | The Review of Financial Studies, 34(8), 3840-3879. Oxford University Press |
| ISSN: | 0893-9454 |
| Popis: | An artist’s death constitutes a negative shock to his future production; death permanently decreases the artist’s float. We use this shock to test predictions of speculative trading models with short-selling constraints. As predicted in our model, we find that an artist’s premature death leads to a permanent increase in prices and turnover; this effect being larger for more famous artists. We document that premature death increases prices (by 54.7%) and secondary market volume (by 63.2%). |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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