【正文】 . . . . .畢業(yè)論文外文資料翻譯題 目 融資融券存在的馬太效應(yīng)分析—— 基于券商的視角 學(xué) 院 經(jīng)濟(jì)學(xué)院 專 業(yè) 金融學(xué) 班 級 金融1003 學(xué) 生 學(xué) 號 指導(dǎo)教師 二〇一三年四月十九日學(xué)習(xí)參考Jena Economic Research Papers ,2012 058 Margin Trading Bans in Experimental Asset MarketsWoolridgeAbstractIn 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 parative static analysis. Our results indicate that a ban on margin purchases fosters efficient pricing by narrowing price deviations from fundamental value acpanied with lower volatility and a smaller bidaskspread. A ban on short sales, however, tends to distort efficient pricing by widening price deviations acpanied with higher volatility and a large spread.Keywords: margin trading, Asset Market, Price Bubble, Experimental Finance 1. Introduction However, regulators can only have a positive impact on the lifecycle of a bubble, if they know how institutional changes affect prices in financial markets. Note that regulation is a doubleedged sword since decision errors may lead from bad to worse. Given the systemic risk posed by speculative bubbles and their long history, it may be surprising how little attention bubbles have received in the literature and how little understood they are. This ignorance is partly due to the plex psychological nature of speculative bubbles but also due to the fact that the conventional financial economic theory has ignored the existence of bubbles for a longtime. But even if theories on bubble cycles have empirical relevance, it is clear that the issues surrounding the formation and the bursting of bubbles cannot be analyzed with pencil and paper. Conclusions on bubble cycles must be backed with quantitative data analysis. Given the limited number of observed empirical market crashes and their nonrecurring nature, an experimental analysis of bubble formation involving controlled and replicable laboratory conditions seems to be a promising way to proceed. The paper is organized as follows. Section II reviews the related literature, Section 0 presents the details of the experimental design and section IV reports the data analysis. In section V, we summarize our findings and provide concluding remarks. 2. Leverage in asset markets Do margin requirements have any effects on market prices? Fisher (1933) and also Snyder (1930) mentioned the importance of margin debt in generating price bubbles when analyzing the Great Crash of 1929. The ability to leverage purchases lead to a higher demand, ending up in inflated prices. The subsequently appreciated collateral allowed to leverage purchases even more. This upward price spiral was fueled by an expansion of debt. From the end of 1924, brokers’ loans rose four and onehalf times (by $ billio