融资融券禁令在实验资产市场_外文翻译.doc

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融资融券禁令在实验资产市场_外文翻译,margin trading bans in experimental asset marketswoolridgeabstractin financial markets, professional traders leverage their trades because it allows to trade la...
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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


Jena Economic Research Papers ,2012 - 058
融资融券禁令在实验资产市场

伍尔里奇
 摘  要 在金融市场,因为专业的交易者杠杆交易允许以较少的保证金进行更大的交易。然而,违反保证金要求,保证金和持仓最低要求得不到满足时,会造成很大的影响。融资融券交易对价格产生过程以及对金融资产市场的流动性的影响从实证的分析是混合的,我们考虑这个问题,实验资产市场。从一个经验相关的情况下,融资融券是允许的,我们禁止保证金购买或卖空采用2×2设计为允许一个比较静态分析。我们的研究结果表明,在边缘上采购禁令促进有效的定价通过缩小价格偏离基本价值伴随着较低的波动性和较小的价差。禁止卖空,然而,往往通过扩大价格偏离伴随着较高的波动性和大变形有效定价。

关键词 保证金交易;资产价格泡沫;金融市场;实验金融学