New Investors and Bubbles: An Analysis of the baosteel call warrant bubble baosteel call warrant bubble

Binglin Gong; Deng Pan; Donghui Shie

doi:10.1287/mnsc.2016.2427

New Investors and Bubbles: An Analysis of the baosteel call warrant bubble baosteel call warrant bubble

Binglin Gong
, Deng Pan^*
, Donghui Shie

^*Corresponding author for this work

School of Economics and Management

Research output: Contribution to journal › Article › peer-review

12 Scopus citations

Abstract

This paper provides an analysis of the impact of new investors on the bubble surrounding the Baosteel call warrant, the first derivative traded in China after a nine-year suspension. We empirically show that new investors initiated the bubble at the opening call auction and were the key driving force to sustain the bubble until the maturity of the warrant.

Original language	English
Pages (from-to)	2493-2508
Number of pages	16
Journal	Management Science
Volume	63
Issue number	8
DOIs	https://doi.org/10.1287/mnsc.2016.2427
State	Published - Aug 2017

Keywords

Asset price bubbles
Heterogeneity
New investors

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10.1287/mnsc.2016.2427

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title = "New Investors and Bubbles: An Analysis of the baosteel call warrant bubble baosteel call warrant bubble",

abstract = "This paper provides an analysis of the impact of new investors on the bubble surrounding the Baosteel call warrant, the first derivative traded in China after a nine-year suspension. We empirically show that new investors initiated the bubble at the opening call auction and were the key driving force to sustain the bubble until the maturity of the warrant.",

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author = "Binglin Gong and Deng Pan and Donghui Shie",

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AB - This paper provides an analysis of the impact of new investors on the bubble surrounding the Baosteel call warrant, the first derivative traded in China after a nine-year suspension. We empirically show that new investors initiated the bubble at the opening call auction and were the key driving force to sustain the bubble until the maturity of the warrant.

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New Investors and Bubbles: An Analysis of the baosteel call warrant bubble baosteel call warrant bubble

Abstract

Keywords

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